Chairman stepped down last month. Month before takeover talks ended. What did the other party in the takeover find when they looked at the books. I would guess that they didn't like the look of the company's prospects, business model and finances. It is going to be diffiult to do a share placement with a falling share price, if not impossible. The problems that they are having remind me of MMD who have gone back to shareholders twice in one year and still look very shakey.