intermoco rescue package..., page-44

Yes, Joe. You are correct about the different powers of administrator versus liquidator and their investigative roles. So more might come of it down the track.

David, by moot point, I only mean it wouldn't help us out of this situation and it wouldnt get your money back. In fact it probably wouldn't flow to any creditors but just get eaten up by running costs and administrators fees. that doesn't excuse his moral and legal obligation.

You 100% have a case about the SPP. Their were double standards. And you should be entitled to a refund. I notice many companies like PNO now have a clasue that if a certain minimum isnt raised then you get refunded. In PNO case it's $250k. That clause would have helped you.

SPP/Rights issues are problematic due to timing and take up. The La Jolla type raisings are heavily criticised for shareholder destruction but they are quick and generally without hitch. INT being an exception when it hit 0.1c and La Jolla cracked it. Interesting to see them on the creditors list.

Im not sure if the creditor is refering to C Group pulling out. It reads like another party would chip in IF we raised $1.5mil but as we didn't succeed in raising the $1.5mil the other party pulled out too. Total raised would have been $2.5mil.

In you calculations of trying to save INT, what is the magical amount you think we need?

I would be thinking to burn most creditors via a DOCA. As a result possibly find it hard to borrow or pay accounts in arears. That would mean we should raise minimum 6months operating expenses plus a token amount to give creditors under a DOCA arrangement.

$1.5mil and debt free would make INT look attractive. Maybe consolidate to appeal to a wider audience. Probably sack a few people. Wages are way to high and contribute to negative cashflow. Probably start at the top, ie we are top heavy. Kiril and Hunt-Smith seem the keepers.

Maybe move offices from expensive suburb to a more industrial area and save on rent.