AFR Article on BIG - another one by Shapiro

Just sharing an article released yesterday night from good old Jonny Shapiro

Not much in it but looks like administrator doing more homework to find out what assets are left.


sourced from AFR...

"The creditors of embattled small business video firm Big Un have agreed to reconvene in 45 days after the administrator called for more time to investigate the assets available for sale within the failed company.
After a second meeting of creditors held on Thursday, Deloitte Restructuring Services' Neil Cussen told The Australian Financial Review the additional time would allow him to conduct more "investigations into what is a complex group and understand what has gone on in the past".
"It would not prejudice creditors to have more investigations into what is for sale, the value of those assets and provide more time for some third parties to put together a deed of company arrangement," Mr Cussen said.
It is understood that key to the investigation is the transaction in which FC Capital assigned security it held over Big Un subsidiary Big Review TV to AS Capital Ventures, a company controlled by Adam Shepard of insolvency firm Fansworth Shepard.

Funds provided by FC Capital to the Big Un subsidiary helped propel the company's share price from 20¢ to almost $5 before the stock was placed in suspension in February this year amid calls by regulators to disclose the financing arrangement.  

Priority creditor

AS Capital Ventures subsequently struck up a licensing agreement with Big Review TV to provide it with access to the assets AS acquired after Big Review TV was restructured via a deed of company arrangement.
Those assets now appear to have been transferred to a company in the United States called Franki Global that appears to employ several former Big Review TV staff members.
It has also emerged that Mr Shepard was appointed as the administrator of AP Reyem, an entity controlled by Anthony Meyer that is the largest shareholder of Big Un.

Richard Evertz, the former chief executive of Big Un who resigned in May, is listed as a priority creditor, claiming a $1.3 million redundancy payment.
The second largest creditor listed is Big Neo, which is claiming $900,000 owing. Big Neo is a company controlled by Blackheath cafe operator Sharyn Bagios."