The Australian Securities and Investments Commission (ASIC) announced that they would be seeking the assistance of an investment bank or a stockbroker to sell the nearly 80 million shares they possess in Donaco International Ltd. This comes just days after the Australian Takeovers Panel blocked the sale of nearly 10% of the stock to Orchard Capital Partners.

It has been a bad period for Donaco. Falling revenues, a huge multinational legal dispute, and now one of its largest shareholder wants out. This looks to be a company that may not survive many more of these kinds of situations.

The company first looked like they were going to be a star, as Donaco purchased Star Vegas in Poipet in 2015. The $360 million purchase was a huge deal, given that Donaco was only valued at $120 million at the time.

A major mistake appears to have been that the company left Somboon Sukjaroenkraisri in charge of running Star Vegas for two years, as he guaranteed them a $60 million margin annually. The markers were met, but the stock price of the company kept falling.