Im sorry that this is your first experience with the spec end of...

Im sorry that this is your first experience with the spec end of the market and HC. Unfortunately there is a huge learning curve when it comes to trading profitably on this end of the market. The ones left over are usually the most distrustful and cynical people, with highly developed BS detectors. You will find examples in the seasoned regulars on the DT and ST forums. Most of the time, companies going into admin have clear smoke signals, and KBL had many.

I dont have the exact figures, but I think its something like less than 1% of listed companies make their way out of VA without liquidation or a highly dilutive DOCA/CR (debt for equity swap). Its just money at the end of the day, can always be made back. If you do choose to invest in nanocaps again, I hope that you do your own research, and never take what anyone else says at face value.