Again, it all sounds similar to the whole Sands Solutions "Loan". Even IF there were good intentions and he is trying to make Cityview money it is an irresponsible way of doing it and looks like he is taking care of himself, and the companies he has a bigger stake in first, at the expense of shareholders.
One question we need to ask ourselves though, is if Smyth is ousted or the company is pushed into receivership is there less chance of ever seeing any of these millions again and the loans suddenly being declared unrecoverable?
Should the aim therefore be solely to get ASIC and ASX to act while Smyth is still a director rather than us trying to get rid of him and seeing Cityview fold just to protect any newcomers being burnt like us?
I think even the pestering just to get him to do things properly and the constant internet chatter stopping him from doing what he likes best - ramping - could ultimately just see him getting fed up and walking away (on his own terms and with some last minute tidying up) and significantly reducing the chances of us ever seeing a cent of any of this again, or even the satisfaction of seeing hefty fines imposed.
At the moment we're trying to catch a thief, but stopping him from robbing at the same time. It seems counter-productive.
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