ISX vs ASX, page-1694

(90 minutes in) ASX pushing back that only 3% of ASX's requested discoverable docs were used, where as 25% of ISX's discoverable docs were used. ISX Counsel argued ASX lawyers were wasteful in the size of the net they cast.

ASX seeking security of around 55% of (increased) costs - costs have increased $1m since Dec

Registrar asking about overlap and excess costs with 2 partners on the file.

ASX Counsel winding up arguments and security amount requested. Charge out rates being discussed. HSF senior lawyers (& para legals) charge above Federal Court scale rates and national rates. Registrar asking for clarification - how do I know what proportion of work is being done by what category of lawyers?

ASX Counsel now going through Probank financials...

Registrar questioning whether or not everyone is speculating about the value of the NSX shareholding in the event it is needed to meet ASX legals?
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(50 minutes in)... ASX Counsel still arguing about ISX's capacity to pay ASX legals.

(IMO "drying out" strategy is now being laid bare for all to see)
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(35 minutes in).... ASX Counsel (still) taking Registrar though Going Concern note in the financials and emphasizing ISX cash available. Point being made ISX has agreed to indemnify JK for (some) legals. Arguing it may cover JK ASIC civil penalties.

Now moving to ISXEU financials and cash available (and raising Clearpay & NSX). Talking about liquidity of shares in NSX if need to be sold to meet ASX legal costs.
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ASX Counsel making a point that ISX de merger docs say court case could exceed several $ million dollars. Raising point about ISX's capacity to meet ASX's legal costs. Registrar getting a bit testy - for what reason am I being told this? ASX says a need to seek security for costs as applicants no longer in AUS. ASX now addressing ISX capacity to meet adverse legal costs - going through ISX Financials and cash available on balance sheet....(IMO yawn)
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ASX Counsel making a point about ISX's capacity to meet legal costs. Now taking the Registrar through ISX's de merger documentation. (IMO smoke screen and flares now being deployed!)
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28 people viewing the hearing
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Hearing now underway with Registrar Gitsham. ASX making the point they haven't delayed the case. ASX raising concerns ISX might not have funds if they loose.