Yes ASIC are not involved just as they are not involved in many outrageous actions that retail investors think they should be. ASIC may act on court proceedings but not if there is an appeal and of course there will be.
Despite the merits of this case this will not be resolved quickly.
The law is not based on fairness, it's based on laws that may or may not be fair.
A lawyers' picnic awaits and costs will be large with the loser likely to bear the costs of both parties.
Ann: Court Action Seeking 22.28% of NME be Vested in ASIC & Sold, page-41
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