OK I've read the key bits and
@Kano33 was spot on above. Of slight comfort is that FTI have referred all breaches of directors duty to ASIC.
In addition, it seems like the directors only paid themselves after the replacement of Pitcher Partners with FTI. This seems to indicate to me that they know their gig was up.
One bitter sweet pill is that it seems that the directors had $20m of Directors and Officers insurance, and whilst not sufficient to even compensate creditors it can be utilised as a fund to prosecute the directors.
James, since you're undoubtedly reading this, it's
coming for you. Nothing will make us happier to know you will have this on your mind and be forever known by your kids and any one you choose to shack up with in future as a crook. We may be sitting on a loss of money, but reputation is a greater good.
