"Based on the financial position of both VVV and Volkov which became evident as a
result of discussions and further investigations post the commencement of the litigation, it was decided that the potential costs of the litigation significantly outweighed any potential financial recoveries, and on that basis LWP did not contest the application for dismissal of the proceedings and the Court ordered the dismissal of the case."
So is that actually the truth, or is that just simply LWP bull... again?
They are saying that LWP decided to not contest the dismissal of the case (LWP's claim that is), because of the risk of achieving "potential recoveries" even if they won?
So what's new? They would have already known that initiating the claim was going to cost LWP significant money. They would have already known that the chance of getting any money out of VV would be buckleys even if LWP was successful. Geez, I remember posting same way way back - so it was obvious.
So we find that LWP changed lawyers from Hopgoods - why?
Then LWP dumped Andrews mob - why?
So exactly WHAT was the advice that LWP received wrt pursuing their claim.
Was the real reason that LWP dropped their claim because of the fact that LWP would have been exposed in the court? and that the actions of the directors would have been placed under the spotlight?
If the conduct of the case had shown that the directors breached their duties in relation to the Graphenera investments, then the directors may well have decided they needed to withdraw. eg, the court would have investigated the issue of LWP paying funds into VV account instead of the J/V account. If that is what happened, and it was exposed in court, then people would have been very nervous, because s/h and LWP itself, would have been seeking some sort of redress? I think a lot of dirt would have been exposed in court.
Given the big sums involved for LWP cash levels, it would not be unreasonable for LWP to provide some details of the legal advice it obtained re conduct of the case, and just what were these "investigations" it conducted and what they found.
