Linaker,
Zorba1's comments are absolutely correct. It was all about "liquidity" and avoiding liquidation / administration.
The real options were to change the funds constitution to allow a further extension on the freeze on redemptions,or liquidation/administration, or listing.
Listing the Fund means that Unit Holders are "locked in", unless they are so desperate they are forced to sell at whatever is offered. Taking away Unit Holders rights to redeem their investments makes the Fund "liquid" (once debt is repaid). This keeps the liquidators/administrators away, therefore no investigation into what had happened to Unit Holders money, and no steps to retrieve stolen money or seek compensation for illegal acts. (Unless Unit Holders band together and vote to place the fund into administration!!!!)
Extending the freeze on redemptions would not work because the investments Unit Holders money was sunk into were crap - not worth the paper the deals were written on.
Placing the Fund in the hands of Administrators would have been the best option for Unit Holders, but obviously this was not an option offered at the vote. It would seem that JH's motives were to help her mates out and at the end of the day be holding onto a listed fund - this was her goal (it is documented in many of her PR releases).
NSX was used because of it is low profile & also because of the obvious links (JH's partner Brett Heading), and also because they do not seem to enforce disclosure regulations as strictly as ASX.
OCV
octaviar limited
