Re near insolventFeel your pain Mr Goddard!
I had a really strong feeling about this property, I actually cut lines and did some staking on this ground in the '80s.
The problem here is management vision, focus and discipline are lacking. Taking over the Searle property was a big mistake, and the negotiations were dreadful. The balloon payments for the Searle property doomed this project, I felt it at the time. Only myself to blame for hanging on once it stopped making sense tho. Lesson learned the hard way. Understand what you think might make the project pay off, and if management goes off on a tangent, time to move on. Preferably before the 90% loss kicks in.
Frans