Ann: Profit Warning , page-11

Given that these guys have taken to paying their creditors with scrip in the past anything is possible. I wonder how Norgard and Paterson feel given they endorsed this fiasco.

If Wah Nam is insolvent then the assets will be swiftly transferred to their creditors and shareholders will be left with nothing but a mountain of debt and a few printing presses … but then again maybe that was the plan all along? Certainly doesn’t bode well if you are looking for $1.9 billion from someone to develop the project. The vultures are circling and sadly it was all predictable.