the man from elysian fields, page-17

well you could be on to something r100 - it may be that the the large shareholders (and certainly the board) are not pressing for 'ASIC action' as 1) they do not want bodies dug up and 2) they want the more orderly realisation of a VA.

ASIC has its own agenda having been complicit in MFS' aggressive growth (takeover of 37 other funds). Ironically the ASIC 'hands off' approach may be best for MFS as it facilitates the advantages of VA over theoretically more destructive liquidation. However, the downside here is that the 'VA' set of insolvency practitioners and lawyers (having been chosen by the board) will be kinder to and less investigative of the board(s) than any 'liquidation' set of insolvency practitioners and lawyers appointed by creditor and court.

The real criticism one might make of ASIC is that if it can keep its dead hand off MFS and allow a greater realisation through a VA, why does it not do so with other companies? Investigation of officers should remain a separate matter.

McMurdo decision will be interesting.

......But the real insight lies in this movie "The Man From Elysian Fields"....

another memorable quote:

Luther Fox: I don't know why they call them outstanding checks... as if not being paid is somehow a good thing.