Is it all Gloom and Doom and time to Gloat?

Now you are just in fantasy land.

This is not a "small stake" we are talking about. Nor is it cash for some bolt on luxury that would improve an already excellent company.

What they said this morning is that they need cash in order to develop products (for anybody who thought this was a market leader with an amazing range of proprietary IPTV products, think again) and to pay off a loan note which threatens the balance sheet of the entire company.

At the moment the loan note represents between a 1/3rd and 2/3rds of the equity of the company, presuming that a placing could be got away at all.

If I were the holder of the loan note I would be looking to create a Scheme of Arrangement which could be sanctioned by the court and would let me do more or less any deal I wanted.