IFTC - I share your views and your questions. It's difficult for me to see any great need for dilutive capital -- but still, there is that confusing March 19 PR: "Due to EGC's current state of affairs, one of Andersen Partners' first initiatives will be to raise working capital funds to enable the Company to engage legal, accounting and other service providers..."
Like you and everyone else here, I haven't been able to reconcile the facts as I understand them with the stated need to raise working capital.
One observation about the LC & LB statements re: "no material change to the Company's net asset value..." -- assuming this is true, it could mean that the cash is not there because its value is in the form of some other asset: receivables, investments, or some other non-cash or illiquid assets. Note that their statements did not say "no material change to the Company's CASH..." Substitute an illiquid or other asset for cash and you still have the same "net asset value." If that is the case, it could explain the need to raise some working capital.
All things considered, I added to my position early this morning.
