Ann: Interim Update, page-44

At last we see some truth. Disappointing but actual information that means something. More information pertinent to actual business than we have seen for......ever I think. Looks like we have gone from review to rescue mission.

What I do like is the attempt to halt contracts and preserve any capital equipment. At least then if it goes under we may see a few cents in the dollar, not much comfort but better than zip. How successful that will be we can only wait and see.

I would not get too excited at Samual keeping the 6mil open. They are probably just keeping it an option just in case a the new team can put together a plan to keep things going either in India or Australia. Merit goes to the new team to get them to hold it open rather than just write it off and close access to any more funds. 

I would think they will look to convert as many assets into as much cash as possible, check where they stand and look for possible options to continue in some capacity. If nothing presents it’s self then close and see what is left to distribute if anything. 

Good of luck to all and let’s hope it not the end for IOR but a correction from certain doom to possible, even if small, ongoing concern.