Melbourne13. Renison was in a far worse position than LNY is...

Melbourne13. Renison was in a far worse position than LNY is today when it was reconstructed.
S.Bizzell had every opportunity to take the lot and walk away and nobody would have been surprised.
The fact that he didn't is, frankly, my view that your thoughts, which very many share, will not apply and is the primary reason why I stayed in and still kept topping up.
The fact that the Top 20, NOT including management, have also buying in large numbers or haven't sold reinforces my thoughts.

But, you have every right to have those views and most certainly if S.Bizzell was one of several other operators who we will not name here, but, I'm sure are well known to HC posters, we all should be extremely worried about the technical position of LNY today. It is highlighted in the Auditor's report in the AR.
The very top line on Page 35 says it all for mine, and, yes, it now boils down to pure trust in what the Chairman has told the Auditor. "He will continue to support the company in the 2017 financial year until such time as it has raised further funds either by way of a capital raising, a sale of an interest in a project, or by way of a corporate transaction."

The current SP being so low makes some of those options particularly difficult, but, there are viable "assets" which could be utilized (Ashton) and one would have to guess what that "corporate transaction" could entail. For mine, the easiest answer would be by selling gold produced from Agate Creek!!
But, one would be very naive to say that "trust" is not the major factor in buying and holding LNY shares, trust in S.Bizzell and the proven assets in Agate Creek.
Basic business and trading fundamentals really don't support any other view.