the latter..............seems that that was Karantzis view in...

the latter..............seems that that was Karantzis view in November (according to the Australian article).

The following lends credence to this;

a) No Cornell drawdown - company runs out of money
b) not a single new or existing studio resigned
c) RMA staff claim that they had not seen any evidence of an EzyDVD website (for downloads) having been built, even tho it was claimed it would only take 4 weeks to get the first cut done when deal was signed in Sept.
d) Sept deal was legally binding, but it needed to be "renegotiated" in Jan - apparently with all the penalties and IP protection taken out (free ride for Zavos)
e) Deloittes finished due diligence in November (so it must have been reasonably ok), but Zavos didnt join board till January (affected the share price and confidence) - why? SP fell from 2.5c to 1c during this period.

Seems to be delay, frustrate leading to RMA being bled dry, collapse in share price etc - if he was genuine, they could have given it a go with the Cornell money.

Looks like him and his stooge Wilshire set this up for a fall, and the naff directors MacKinlay etc fell for it.