New Zealand Wool Services International is considering raising capital to strengthen its hand as it faces competing bids for its shares and assets.
Some 63% of WSI's shares, held by two companies now in receivership, are on the market.
Cavalier Wool Holdings is also bidding for WSI assets so it can acquire the company's scours to merge with its own.
That move has been challenged in the High Court, which is yet to deliver a decision.
Last week, a new player joined the bidding battle. Wool Equities, a farmer owned investment company, announced a capital raising partnership to buy the majority shareholding that's in receivership.
Its ultimate goal is to merge Wool Equities and Wool Services into a new farmer-controlled company.
Wool Services chair Derek Kirke says that has led to some confusion among its own shareholders, because some of them are keen for it to buy the majority shares itself.
At the current share value, WSI would have to raise $12 - $15 million to buy the shares in receivership.
Mr Kirke says it's unsettling for the company to have so much uncertainty hanging over it after having its best year financially.