The amount being due now is going to be because NXE breaching some covenant on the CN. Since we have never been told what the covenants were it is hard for us to comment, but you can be certain that Arena would not have initiated legal proceedings without one or more of the covenants being breached.
In a legal war between Arena and NXE I know which side I would be bet on to have the best lawyers.
Ann: Notice to set Arena Investors statutory demand aside, page-65
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