i will post i put up on the xst thread is a summary of how xstate handled the deal, their deal with the 4 investors was "binding" , xstate had sanston find the investors and were responsible to make sure the capital arrived.. xstate issued breach of contract notices on all the investors as our deal in the USA was binding and we would lose our deposit and the deal itself..
why your GMC investor simply doesnt guarantee the funds and does a deal with the bank to cover the payment is baffling...
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the obvious conclusion is not as how a lot of people have painted here.
its not a case of xstate board having made any mistakes or been responsible for the events...
the investors, have always told the board the money is in the account and they wanted to support the cap raising 100%
sanston and their clients were responsible for the capital arriving on time with xstate
the board has issued notices on the breach of agreement, it was binding.
sanstons clients money obviously was not going to move out of indonesia any time soon, so they had to find options
sanstons clients have now got the bank to allow the funds to arrive no matter what... so the deal will happen, the investors are obviously at liberty to sort out with the bank and the regulators what ever they like causing the delay of transfer in what what ever time it suits them..
maybank pays xstate no later than the 15th, the invetsors would pay maybank what ever fees there are for providing that guarantee
the money could land today or tomorrow.. imho you would make sure it was early wouldnt you??
GMC Price at posting:
4.2¢ Sentiment: None Disclosure: Not Held
