required action plan, page-14

Might be worth getting in contact with this legal team or the class action.

Also someone should contact the journalist Nick Taylor, as he may have a greater interest in the TZ Scandal.



http://www.news.com.au/perthnow/story/0,27574,25418929-2761,00.html

Legal blitz against failed Firepower

EXCLUSIVE: Nick Taylor
May 02, 2009 06:00pm

Advisers and promoters who convinced ``mum and dad'' investors to pour $100 million into the failed fuel-technology company will be prime targets.

Litigation specialist Hugh McLernon, whose company IMF has been retained by 500 small investors, expects court action to start by the end of the month.

He said he would focus on the private companies of millionaire businessman Warren Anderson, lawyer Les Stein and former police minister Gordon Hill.

They were directors of Firepower's British Virgin Islands parent company and their private companies received big bundles of Firepower stock that was later sold for profit to hundreds of small investors.

In another move, Firepower liquidator Bryan Hughes may order other key players in the Firepower collapse to court for public examination.

As liquidator he has the power to issue summonses for either the Federal or Supreme courts.

``We are examining the prospects of putting key parties in court for public questioning,'' Mr Hughes said.

IMF investment manager Paul Rainford said: ``We will be funding a series of actions on behalf of shareholders.

``We have given a brief to senior counsel in Sydney and anticipate the first proceedings will start before the end of the month.

``The actions will be against financial planners and those who received investors' monies. We're also looking at those who sold shares.

``We're going after people who have the capacity to pay.''

Most of the targeted defendants have indemnity insurance and, if found liable by the courts, should have the capacity to pay.

More than a third of investors in businessman Tim Johnston's failed business have signed up to be part of the class action.

Millions were raised by selling Firepower shares to about 1300 investors on the false premise the company would deliver big returns when it listed on a London stock exchange.

Mr Johnston is Australia's most wanted con man since the collapse of Firepower. He has been living a jet-set lifestyle around the world, but has refused to return to Australia to answer investors' questions.

He is also being chased by the Australian Securities and Investments Commission.