A plausible scenario, in my opinion.
Bankruptcy, however, could be dicey. What if the bankruptcy court orders that all of the assets of the corporation (including any and all interest that it has in Nicosan) be sold to pay the creditors? What impact might bankruptcy have on the upcoming renewal (hopefully) of the NAFDAQ license? Or on the SHESTCO arrangement with the Nigerian government?
Moreover, a discharge of the corporation's liabilities in the bankruptcy court might not eliminate the personal liability that any individual(s) may have to the shareholders.
Once a bankruptcy proceeding were commenced, it might proceed into some unintended areas. If I were management, I would think carefully before filing that bankruptcy petition.
