You might want to check out Blue Sky Alternatives: They gave staff 5 million dollars "retention" bonuses when the company lost 100 million, it went into receivership after borrowing $50 million. So many assets have been sold back to their original creators or the managers responsible for causing the receivership.
BLA had NTA of 100 million plus deferred tax assets on 130 mill of losses as well as accrued fund performance which is paid on fund sales to BLA. The company was only required to pay back less then 100% interest and tonnes of the assets have been transferred to the lender. The receivers (who were hired for forensics by the CEO in a court case which as usual ended in a secret agreement) has still not released the annual report to the ASX despite 6 months having past.
I think we need to form a hot-copper shareholder association to get the laws changed. It probably only costs $20 million to sway an election, shareholders on the ASX stand to loose much more then that if things continue.
FBR Price at posting:
5.2¢ Sentiment: Hold Disclosure: Held
