Whatever its failings, the old board and management would not...

Whatever its failings, the old board and management would not have rolled over as easily as this one at the first hurdle.

Destra survived the dotcom meltdown, and grew from a penny stock to a $100million market cap. Then Prime and its cronies got its hands on it. Couldn't run a pissup in a brewery you might think?

Think again.....

Prime have had a director on the destra board for 2 years and have controlled the board for 8 months so they can't pretend they didn't know what they were getting into. They knew exactly what they were doing...and don't feel sorry for them writing off $9m. They would have had to pay 10x that a year ago and had the problem of selling the entertainment assets.

Prime's next move. My guess is their last $2.2m loan was secured behing the bank's and that they'll reach an agreement with the receivers to pick up the bits they want for the knock-down price they were always hoping for, using the loan as a bargaining chip.

Selling the entertainment division is now someone else's problem, not theirs.

We've been taken for a very expensive ride!