administrator throws spanner in great southern, page-4

took me while SDE but I got it,Ijust want a charge under the stock act that is criminal and these banks and maladminstrators an mac and sneak are gone and have to return all monies.

Interesting considering the fed police are investigating the theft of cattle again,I bet the sitting judge did not know that or was that covered noted under so called other matters


Great Southern's administrators have thrown into doubt a $55 million lawsuit over the company's controversial Project Transform after launching a last-minute challenge in the WA Supreme Court.
(no they have not,IMF have them scared)

More than 700 investors in two Great Southern cattle projects are suing subsidiary Great Southern Managers Australia and its directors for convincing them to wind up the projects and exchange their interests for shares months before the group's collapse. Part of the claim relates to the fact the directors allegedly failed to follow proper procedure in changing the company's constitution to allow the schemes to be wound up.
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But counsel for administrator Ferrier Hodgson, Katrina Banks-Smith, told the court yesterday her client was concerned the group action, which is being financed by litigation funder IMF, was flawed.

"My instructions are that there are issues to be investigated," she said.
In other words GTP has been caught with its pants down

Under the Corporations Act, investors must be "current members" of an MIS project in order to sue the project manager or directors. But the two cattle schemes appeared to have been wound up, Ms Banks-Smith said.

Appearances come in all shapes and sizes,not unlike a jail cell
my darling

But Doug Solomon, representing the investors, said the documents filed with the Australian Securities & Investments Commission were "false" so the schemes were not legally wound up. "I don't think there's any argument as to whether the schemes were ever terminated according to the law," he said. "A careful look at the documents (shows) that's completely impossible."

He also criticised the administrators for giving such little notice of their intention to oppose the lawsuit.

"The administrators had told us (in July) that this was being handled by the receivers … the administrators have decided at minutes to midnight (to oppose the lawsuit)," Mr Solomon said. "I'm very concerned about their motives."

But Master Craig Sanderson agreed to adjourn the case to give the administrators time to file their submissions. The case, which also contains allegations that some Great Southern directors offered secret incentives to investors to change their votes in favour of the restructure, is expected to return to court next month