Remember OZL holders - IMF cannot sue OZ for being incompetent as they are a third party - for them to fund a litigation case, they need to rope in enough shareholders and act on their benefit to give themselves a positive risk - reward profile for spending their money to fund the case - insufficient shareholders = no large reward if successful and hence no case going forward.
On the other hand - going forward, if OZ was to tank big time and be put into permanent administration where shareholders look like losing all of their funds (ie ABC, Babcock etc) - that is then the time to join a class action such as this, especially since the resent Sons of Gwalia High Court case outcome in yesterdays financial review (allowing shareholders to move up the foodchain when it comes to the breakup of assets and payment of liabilities.) I repeat what I said earlier - for shareholders to participate in a class action at this stage is stupid & short sighted. Vindictiveness and anger get in the way of reason and commonsense and that always leads to longer term loss. The comment that "if I don't join in, everyone else will benefit at my expense" is not rational - if it tanks permanently, there will be several law suits you can join and they will all be competing to offer shareholders the best deal - because the more shareholders a litigation funder can recruit, the more money they will make.
Our shares are worth significantly more than 55c (my current expectation will be around the dollar mark within 3 days of relisting once the finance cloud has been lifted, especially with the wealth of information and asset valuations that have now been dredged out into the public arena about the company). However, if anyone is offering to fund a law suit against the directors that got us into this mess (& still apparently believe that it was unavoidable and everyone elses fault!!!), I am more than willing to donate significatly to the cause!!!
OZL Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
