The Korean ATM business NeoICP, which is the main operating asset of iCash Payments, is "currently failing", the directors of iCash said in a circular sent to shareholders yesterday.Minority interests in iCash, which are closely associated with NeoICP, are seeking the removal of all directors and the appointment of friendly Korean-based directors.The current iCash directors assert that the proposal would be "a complete reverse takeover without due transparency, proper procedure and at a substantially discounted price."They said they were concerned at "the potential loss" of the A$7 million in cash that is already earmarked for return to shareholders. The rival directors propose a share buyback using this cash.