any news, page-42

Personally think the light just got dimmer if thats possible - from the creditors report by McGrath Nicol

3.4 Other investigations
In our s439A Report we outlined a number of transactions that may warrant further investigation, including:

+ the acquisition of Rubicon in December 2007; and
+ the loan to APT in December 2007.

Creditors may be aware that Steve Sherman and Peter Gothard of Ferrier Hodgson, the Receivers and Managers (Receivers) of the Group undertook public examinations of various former executives and directors of the Group in March 2010.
In the event that the Receivers pursue legal actions against former officers of the Group, it is likely that these will cross-over with claims that would otherwise be available to the Liquidators. We continue to monitor this situation.

I rang Summer at Mcgrath Nicol to get clear what the term "cross-over with claims" means and in short it means we will be beaten out of any proceeds from these actions by the receivers and the banking syndicate.

Still hoping that eventually the auditors will also get looked at as their insurance company will also have deep pockets.