Ann: Interim Update, page-30

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Nanday

485 Posts.

83

07/01/19

12:38

Post #: 37044044
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Originally posted by Nanday: ↑

I'm hurting too, but a class action is not going to get you anything but a penny on every dollar, if that. Probably nothing at all, and after years of legal action which will drain money out of whatever funds are left in the company (which are actually shareholders funds). I've participated in two class actions, one I got a very small payment, the other is ongoing after 3 years. I also invested in a certain new stock that I won't name that did software that tracks shipments etc. Some posters pushed for a class action, they got one started, and as I said, all it is doing is draining money out of the company due to the legal expenses. And it doesn't even look like it has a good chance of winning. Plus the company has shut down pretty much all communications with shareholders as a form of self-protection until the class action is settled.

They said they are cancelling purchase orders for P3 equipment and working to secure and safeguard existing equipment. This is exactly where their focus should be. To protect assets and look for new opportunities. If you want to kill the company before they have a chance to tell us anything more, then a class action will certainly do that - and keep us shareholders waiting years to get a meagre few hundred dollars, if anything at all. My thinking at the moment is to accept that I've lost all my investment in this company. If they can resurrect it in some way, that will be a pleasant surprise and a bonus.

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I forgot to add that they may have director's insurance, but at what level? And if it is proven that directors knew they were doing something fraudulent, ie pushing ahead for expansion while knowing they had no hope of being profitable, it probably would cancel the obligation of the insurance company to pay anything out.

IOR Price at posting: 6.9¢ Sentiment: None Disclosure: Held
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