answers required now, page-63

Sounda, you are spot on and bear in mind that NAB has a secured mortgage over the vessels and a mixture of fixed and floating charge over the other assets. I understand from the annual report that performance guarantees are in place over the businesses they acquired and then there will be employee payments so the I believe the kitty will be very dry after all these obligations have been met.

The only possibility of an outcome could be if the directors have acted in a negligent manner such as continuing to operate when the company was insolvent then perhaps there may be an insurance policy that shareholders could chase up. Remember they had a net current asset deficiency of $4.565 million at 30 June and who knows what has happened in the last 6 months.

I look forward to an interesting read when the information hits NMS website today