Reading the 444GA application I find it incredible the independent expert's report will only be available "on or about" 30 May. That is less than a week before they demand a "notice of appearance, in the prescribed form and any affidavit on which you intend to rely on at the hearing" to be filed and "served on us by no later than Friday 6 June 2014".
This timetable gives any shareholder intending to appear in court on June 12 about four working days to digest the expert's report, formulate an affidavit and get the other paperwork together.
They have known about their legal obligation to supply an independent expert's report for many weeks if not months. This is an outrage and obviously designed to make it as difficult as possible for shareholders to oppose the 444GA application in court.
Shame on the administrators!
And section 444GA should be repealed. This law has nothing to do with justice. It has encouraged the noteholders to take control of the company pushing the shareholders who are supposed to be the owners out of the way and into oblivion. This is clearly their intention but it may be possible to be stopped in court.
For anyone wondering: I have joined [email protected] and ask every shareholder to do the same. It is the very least you can do for yourself to achieve a better outcome.
MBN Price at posting:
1.6¢ Sentiment: Hold Disclosure: Held
