shareholder action imf brief, page-65

Now that I have some time to breath - so many calls today and to and from emails - but thats fine - and silly me thought Id get achance to look at some charts lol

Nah seriously, I put my hand up coz I got the fire in me belly and it needs to be quelled

BT is right - IMF or any other - no win no loss will only take the matter IF they can see a buck in it for themselves.

I presume they will be looking at two key issues:

1. Do we have a strong case on a legal basis
2. Is there a money pot to seek damages from

For them to take it up I expect they need a yes to both points

Much will rely on if CMR have D&O insurance or assets which could make up a money pot - and are worth more than that owed to creditors,including us (if succesful)

If it turns out that they dont have indemnity insurance and or assets are significantly less than money owed, IMF may not seek to proceed.

All I can say to that is - I have fire in my belly now - so if the decision was taken not to proceed because no insurance - well that would see that fire develop into a raging inferno

If the failure to take out an indemnity policy for D&O's was the reason not to proceed I would be really really peeved off!

To think that the easiest way to avoid an action by shareholders is to NOT take out insurance sort of defeats the purpose of the insurance existing. That would see me very angry indeed - and then, if our case was deemed strong by independent advice, I would then look to pass the hat around with view to taking the personal assets of those responsible as the money pot


Obviously that gets a bit messier but lets face it - if a doctor kept telling you everything was good and then you died - you'd sue him wouldnt ya - ok you wouldnt - but you know what I mean

Why are ASX listed companies seemingly immune - coz everyone thinks many are run by crooks and rogues! So you cop ya loss on the chin - Like most I too have traded those run by questionable entities - won some and lost some. But I dont put CMR in that basket

(and I am not suggesting for a second CMR is run by such - I didnt say all were run by crooks - just many of them - never put CMR into that lot - it is obviously run by some of the most just and upright people in the business.)

So why is everyone so ok about suing a doctor - coz he caries malpractice insurance - why do they take out that insurance - coz once enough of them had their assets taken after being sued - the rest who watched started taking out insurance. Maybe its time for some ASX listed companies to go thru the same evolutionary path