Bankruptcy entails legal costs -- why get trustee/court involved just to wipe out common. The liabilities are mainly Platinum debt and payables to employees and vendors. Bankruptcy doesn't help because company lacks a sustainable business, not because debt/liabilities have to be restructured.
Platinum most likely will prolong status quo with cash injections as more loans. Platinum knows whether there are forthcoming licensing prospects or other business initiatives -- therefore will act accordingly. If they fail to maintain SEC reporting, that is not a good sign.
Platinum holds the keys, but the car is broken. Other shareholders hope Platinum maintains the current facade that VSTA has attractive options. June 30th is next mark-to-market date for Platinum funds.
This BGMO share purchase agreement is a distraction -- and Singh looks as foolish as Swire for believing the malarkey. BGMO taint may drive away others, as it did with GS.
My suggestion for VSTA - merger with Hurel or similar company. Good luck to VSTA holders.
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