Hi Apples, Two things going on here: 1. Establishing confident...

Hi Apples,

Two things going on here:
1. Establishing confident basis for class action be it fraud or any other wrong doing;
2. Getting enough support for a class action - refer earlier post by Mattydew

QC nor anyone else so far can find basis for any action against Directors with even a fair chance of succeeding ... although QC and we agree that everything does stink. We need an insider, documented proof of collusion etc. and to date there’s simply not enough to go on: It’s what we were not told that will apparently carry more weight than what we were told (and that was very little post DOCA with only one set of audited accounts ... I ask again, has anyone got tapes or transcripts of teleconferences?)

And if we then did have a basis for a class action it would need $M’s in funding: We don’t have that - TB’s earlier attempt fell flat with only $10k in the kitty (and for other reasons) and a lot of retail shareholder just wanting to be bystanders.

We are left then with looking at third party funding for a class action: And will only happen if funder is >=60% confident of success and is action for shareholders with losses totalling in excess of $10-15M (as the founders fee is 40% of the claim. IE For what we understand as to be a “closed action” would only proceed if we had at least 15% of the shareholders behind it (Divided day $12M by 8 cents at suspension).

Trust this helps.

Regards, LP