Under Review The $40MM loss on a portfolio represents trickery as far as I am concerned. the company obviously has not been properly reporting losses / bad debts that were incurred in the business but not acceptable to the debt holders. In other words, you may be lending and losing, but we are not lending and losing to you.
What is more concerning is the related party bad debt - are some of the loans owned by the management or management relatations - eg wives, etc. Did they overpay because they wanted their money back?
This could be another class action lawsuit.
I think the board will be lost on this and Reykdal will lose his job