lets not conflate issues here
The performance shares were gained properly and lawfully, and ASIC's QC Borsky om the 3rd December 2021 said as much in open court that "Mr Housten addresses the question of
performance rights, which is not, as we understood it, an issue in the ASIC proceeding, though it was perhaps in the ASX proceeding." [Get your own $50 validation on this from the Fed Court's Auscript if you like. I know I did after hearing it on the Teams session, as did others I think such as
@itzgr82balive]
Auditors Grant Thornton, then BDO and ASIC's Financial Reporting and Audit team have all been through this many times. If there was something there, then ASIC would have prosecuted SP1 directors, including JK. Lets leave that old chestnut to the shooters, OM (who work for shorters), and their paid mouth pieces, the gossip bloggists at the AFR.
Back to the strategy:
Pay $2.6m, tie it up, pay maybe $5-7m more (as we have to fund ASX along the way), tie that up, in 5 years after appeals maybe see $x. Australian courts aren't generous with settlements, so say 40% of the claim? That's doable, but is it desirable?
Walk away, but pay $6m to ASX for costs. Ouch!
Is there a third way - dont know ? Can JK negotiate it, or will hubris get in his way?
