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McCarthy said it was extremely unlikely that Hanlong would be able to secure finance within five days, meaning Sundance could be later broken up and sold. This scenario would be more likely than Sundance finding another suitor, he said. Hanlong's proposed takeover of Sundance has dragged on for 20 months due to regulatory delays and Hanlong's inability to secure finance. Hanlong executives have faced a volley of allegations of insider trading, market manipulation and tax allegations even as the company's overseas bankers have been talking up the company's bona fides.
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