I have a couple of concerns surrounding this. If Nicaso was...

I have a couple of concerns surrounding this.

If Nicaso was tasked with finding a buyer / maximising the return on the Clark property, and the outcome was him buying it. Where is the evidence that he tried to find an external solution before this? If their is no record of this, this comes down to a conflict of interest under S191 of the corporations act. The other directors need to show that Nicaso highlighted his conflict. It's a little blurry, but if Nic guaranteed a loan, that could be the loophole that he doesn't need to disclose the conflict. However, this will not get him out of needing to show other directors proof that this is the best solution.

I would be concerned about this deal, and even more concerned of ASIC if I was a director...