In
a
July
11
meeting,
Lyons
allegedly
told
Zagary
and
former
Swan
Investment
Director
Santhiran
Naidoo
that
Klippsten
“has
to
realize
[Tether]
can
take
away
[Swan’s
mining
business]
tomorrow.”
With
the
tacit
blessing
of
Tether,
as
well
as
an
alleged
agreement
to
provide
“legal
cover”
for
the
coup,
Swan
claims,
in
mid-July
Zagary
began
to
“sow
dissent
and
chaos
at
Swan,
undermine
Klippsten,
and
influence
Swan’s
consultants
and
employees
to
leave
Swan”.
The
$25
million
funding
commitment
from
Tether,
it
became
apparent,
would
no
longer
be
coming.
The
chaos
took
its
toll
on
Swan,
which
by
July
22,
announced
that
it
was
dropping
its
IPO
plan,
shut
down
its
managed
mining
unit
and
laid
off
some
45%
of
its
staff.
Its
valuation
plummeted,
according
to
the
suit,
and
it
was
forced
to
go
back
to
the
market
seeking
investment
at
a
significantly
lower
valuation.
