bryon.
Reality check, no evil intended either.
Whilst i hear your need for justice for GDN's poor management of this field and many others angry with gdn and its directors for loosing serious money in some cases, be careful taking advice on taking on cashed up directors in court. The cost of individual action may outway any possible damages you could claim. Costs in their entirity are not always awarded to the plantiff. Joint or class action is always better to mitigate those costs. In anycase dont be fooled by one legal opinion, seek several to ensure you dont become a lawyers slush fund for 3 or so years.
My experience with ASIC is - promise the world, deliver nothing. Nice people but in their own words to me back in 1998 which went something like this at a face to face meeting - "we only take on cases we know we can be sure to absolutely win". Evidence against directors must be factual and not heresay or not emotional. Witnesses must be able to take stand and be grilled. Theres a lot of stress involved to the non initiated.
Lets think about lawyers costs (say $200 hr vrs average joes loss $5000, $10000 maybe $20000). Geez you want to be sure you will win. Lawyers fees etc will be well over that.
My experience with taking large fish to court (real experience long way back now), is justice costs plenty of money and if they have more than you be prepared for long drawn out battle and a depleting bank account with no guarentee for success.
No justice for plebs IMO and experience. Move on, enjoy life and wiser choices (I know easier said than done).
Me, I put those GDN shares away in cupboard and will just wait it out.
Cheers
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