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These are the numbers for comparison, from the Half Year accounts. p.11:

"At 31 December 2011 the consolidated entity had net assets of $36,045,000 (30 June 2011: $35,606,000) and net
tangible asset deficiency (excluding intangible assets) of $62,479,000 (30 June 2011: $53,681,000)."

-$26m all up. If this onw gores belly-up, no-one gets anything.

This one is ripe for one of those "recapitalisation" plans for companies that are stuffed. Dunno what their results will look like, but one would hope they raise capital, instead of relying on "financial assistance" from their own companies- the last ANN shows how close they are to breaching covenants, and the sell-off post-ANN, tells the story.

This one looks like one of the few old-school models of debt left: we've had HST, NMS, PGA (now EGG), who were, like FFF, highly acquisitive, in massive debt, had to recapitalise, and NMS and PGA/EGG have spent the next few years flogging off assets and being a "turnaround" story. HST just went under.

Now that the share price is close to 1c (fell to 1.1 on Friday and then someone lifted it to 1.3), I reckon the company will do a share consolidation and follow the model of all shipwrecks before it that are trying to see land.

Either that or the distressed debt people will buy the debt for distressed prices and buy the company, but if one uses the RPF example, the company would bebought for a fraction of its current market cap. FFF is on egg shells now.