AFR article post BRTV creditors' meeting, page-22

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squeef

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31/05/18

22:28

Post #: 33418516
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Originally posted by Barren_Wuffett ↑

It's not fraud. The only thing they did wrong was not disclose the finance arrangement. Had they done so there wouldn't be a problem. You could argue that the disclosure was significantly material, but it's simply that, only a disclosure.

What they did was "play the greed" of the market. Those who got caught up in this have to take responsibility. The receipts were real, the customers are real, and the cash does belong to BIG. The finance arrangement was straight forward and similar to a standard home loan. Just like when you take out a home loan, you own the house!

What management did was convince shareholders that there was a large market for their product, when in fact there was none. The financial arrangement was just a tool to help small businesses with their cash flow and in all respects was the right thing to do.

To blame ASX/ASIC is a huge cop out. They're not there to protect gullible dummies. You can't blame your bad decision on some financial arrangement that wasn't disclosed. Yes, maybe it wouldn't have gone up to $800m MC if they had disclose it first, but the end result would have been the same. A fool and his money are soon parted.

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They cited loans from FC as receipts from customers to the tune of 22.5m last reported quarter.

BIG Price at posting: $2.22 Sentiment: None Disclosure: Held
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