Dugsab. I am delighted to see that you are not a cynic when you...

Dugsab. I am delighted to see that you are not a cynic when you say. "With the greatest of respect, I disagree with your views, since management have most to loose through dilution, largely Stephen Bizzell personally.

Cynics, who are everywhere on other forums, would say that management, especially S. Bizzell, have MOST to GAIN with a delay and payment of his and other management debtors with a new issue of shares. Recall what happened after the re-construction, debts were paid in shares. He "lost" equity, very marginally, when he didn't participate in exercising all of his options.
Several very nasty cynics from one particular forum, which I will not name, would be saying that this is a classic set up for a lovely management sting!!! I don't share that view, but, I bet many others, especially those selling at a loss at this stage, wouldn't be at all surprised.
Have you found an explanation for "was" in your post re Vaughan?