Agreed. The company needs to enter BK and restructure. Given the right incentives, HSBC may be willing to finance the restructured company, which would probably permit VELT to keep all of its assets and shed all it shareholder liabilities. I think they may need to shield existing assets from multiple class action lawsuits headed their way. This is one time when I think the lawyers have a strong case for punitive damages. My guess it happens before end of Q.
Perhaps this was plan B all along (remember when Ross was asked about his plan B in the cc?).