Where is the link or personal testimony of the auction?

Who is the creditor auctioning? When did the auction take place?

These details will help me better evaluate the investment.
Thanks

@xxxxx looking at HAL financials, the problem is one of liquidity. They are spending too much money in admin but not putting enough into completing projects.

IMO the liquidity issue can be sorted out by more aggressive selling of their projects and investing more of funds raised into completing projects underway.

In short they should work harder at converting inventories into cash rather than getting loans and bonds from financiers.

Thanks @Ericson I am advised accordingly.

The economy is bleeding. Even if HAL did all the hard work, the properties are not affordable and hence uptake of the properties will always be very slow. The cash flow situation is thus unlikely to improve.. at least not in the short/ medium term.

The business model requires heavy cash flow to churn out a good deal of relatively cheap properties as well as operational efficiencies in a difficult economy.
HAL doesn't have the ability to combine all these required abilities.

What other loss-making firms does it remind us of?

If I ever need a Spinmaster, need someone to constantly cheer me up about poor decisions OR deny, deny, deny... I will hire @Obiero

Another company that should be put under administration.

Unless HAL is willing to dispose inventory at less than cost, the liquidity situation is not going to improve any time soon. For survival of the firm, that is the bitter but right choice at this point in time. Getting stuck with inventory that isn't moving and with little to no working capital is a sure fire sign of a company about to go belly up.

I hear you and know that things can go wrong very quickly. HAL are in negative KShs 400m but I am betting on them to leverage their land bank to raise funds.