Originally Posted by
Flava Saver
Plenty of good mates in VA. It’s not their fault. But a foreign owned outfit that hasn’t been able to get their stuff sorted after how long, beggars belief. If their OWN investors won’t stump up to keep their interest afloat, why the F should my tax paying dollars do it? Does it pass the pub test. Hell no.
Doesnt really pass any test. Any Federal Government support should, at a minimum, be dependent on the injection of a significant amount of equity from the current owners or from new investors.
As it currently stands as a business, VA has negative value. The shareholders know this better than everyone else and dont want to throw in more good money in after bad money. If they thought it had positive value they would be willing to try to save the business by injecting capital. If they didnt have the funds available then they would monetise their "valuable" shareholding by selling to another investor - but you cant sell something that has negative value.
Scurah is doing what any good minded CEO would do - trying to save the company for the benefit of the staff.