00:02Since the company basically collapsed last Tuesday what we know is that the
00:07administrators have effectively said that they have run out of cash and that
00:12they have gone to the 43 or so lenders to try and raise that money. They say they
00:18need 20 million over the next five weeks and 40 million to take them through to
00:23the end of the year. As far as now we know that that money has not been
00:28forthcoming we also know that they have gone to the New South Wales government
00:32late on Thursday for some sort of a loan and that has also been knocked back so
00:38today there was an all-staff meeting which was called by the company on behalf
00:43of the administrators and basically the situation is getting increasingly acute
00:50let's take a listen to what the administrators had to say. It won't even
00:54last to the end of last week but we are only paying the... so at the moment we
00:58do not have enough wages and this is what we told the staff we do not have enough
01:02money to pay their wages on Thursday so we need to try and work out and find some
01:07money to get that sorted. The administrators also saying that just to
01:12underscore the gravity of the situation is that they have borrowed one million
01:17dollars from their own head office so really it seems like this Thursday is a
01:22bit of a deadline that if they are unable to raise the money that they
01:26desperately need to keep the company operating that they may need to do some
01:31sort of an operational shutdown. Let's not forget here the impact that this is
01:37having. This is one of the most prolific property developers here in New South
01:42Wales. We are talking about thousands of homeowners that have paid their
01:47deposits and are waiting for their properties to finish basically. We also
01:52know that there are about 350 employees and we know that a handful of them were
01:58stood down last Friday. None have been stood down today but it sounds like that if
02:04they are unable to raise this money that we could get some sort of a mass stand down
02:09come Thursday as well. So this is the latest from the Baffler headquarters today.
02:17you
