You need to get your facts right as I was a creditor and got my 30c in the dollar back in Sept, when Kagara went under they owed creditors and staff around$100m not a billion.
The biggest thieves in the whole saga was ANZ, FTI, Mallesons, Investec and PCF, do a search for a SMH article "Kagara creditors left in the dark"
You also might want to read the ASX release from KBL which I have pasted below before you and anyone else go dumping any more sheet on Joe and how they go about business.
ASX RELEASE 8 December 2014 Correction of Statements by Kidman Resources Limited to Market Shareholders are advised that Kidman Resources Limited (ASX: KDR) has made various statements to the market in its announcement to the ASX this morning. Information request KBL Mining Limited (“KBL” or “the Company”) is well aware of the information request by Kidman which KBL is required to respond to by midday tomorrow, and not by midday today as Kidman has falsely asserted. On 2 December, KBL received a request from Kidman to provide a myriad of information of varying degrees of relevance to the financial position of KBL. Whilst the KBL Board believes that Kidman’s right to some of the information request is arguable, KBL has accommodated Kidman’s request except to the extent limited by its obligations of confidentiality to third parties. To create speculation in the market as to KBL’s solvency by pointing to an unlikely and technical default under KBL’s general security agreement with Kidman (GSA) in a public announcement, is contrary to the spirit and objectives of the ASX to maintain an efficient, competitive and properly informed market. To this end, KBL has: put Kidman on notice of its legal obligation to act in good faith and in compliance with honest standards of conduct in the performance of the GSA. To seek to engineer a default under the GSA on a technical basis could constitute a breach of Kidman’s obligations of good faith; and made a formal report to ASIC as to Kidman’s persistent failure to disclose full and complete information in relation to its substantial holding in KBL to the market. KBL directors believe that shareholders are entitled to know the details of Kidman’s agreement with Capri Trading Pty Ltd ATF Capri Family Trust (Capri). It would appear from what KBL knows that: if KBL repays the loan that Kidman has acquired from Capri (Capri-Kidman Loan) by the due date, the acquisition of that loan will be wholly reversed such that: o Capri will be the party repaid; and o Kidman will receive nothing; if however KBL defaults under the Capri-Kidman Loan, Kidman, a mining exploration company with complementary mineral asset portfolios with KBL, will have the right to enforce security over, and gain control of, all of the assets of KBL; therefore, Kidman has no interest in enabling KBL to repay the Capri-Kidman Loan; and 2 based on its attempts to frustrate KBL’s refinancing efforts by seeking to cancel the Noteholder Meeting on baseless assertions (see below) and to destabilise the KBL Board, the KBL directors can only conclude that this is a calculated attempt by Kidman to seek to call a default under the GSA on a technical basis and obtain control over KBL’s assets in advance of its own purposes. Noteholder Meeting Kidman’s concerns regarding the resolutions to be considered at the meeting of KBL Noteholders on 10 December 2014 is without foundation. KBL has, through its lawyers, advised Kidman’s lawyers of the bases for its position. As such, the KBL directors can only conclude that Kidman’s announcement this morning is a wilful attempt by Kidman to misrepresent the situation and confuse the market. Kidman also falsely represented in its announcement this morning that: “The resolutions to be considered at the Noteholders meeting indirectly include a proposal to increase the ratio at which the notes can be converted…” Shareholders are advised that the resolutions to be considered at Wednesday’s Noteholder meeting do not directly or indirectly propose any amendments to the conversion ratio for the Notes. Further, the court process served on KBL and two of its directors on Friday does not prevent the Noteholder meeting from proceeding, as is advised in KBL’s announcement this morning. Requisition for general meeting In an attempt to save unnecessary expenses for the company, KBL requested Kidman to withdraw its requisition for a general meeting of KBL given the clear support that the shareholder of KBL showed to the incumbent KBL Board at its recent Annual General Meeting. However, as Kidman has rejected that request, KBL will be proceeding with the meeting and will be dispatching notices of that meeting to shareholders this week.
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