I read a copy of the OM report on HotCopper. It was not a...

I read a copy of the OM report on HotCopper. It was not a "public' copy that was released, rather a well meaning poster managed to get their hands on a copy.

The contents and theme of the report substantially support the basis of ASX reporting following the covert release of the report. Essentially the report positions the argument that ISX used 'creativity' to achieve the revenue needed to award the performance shares.

However, ISX has since achieved a substantial lift in revenues since that time, passed a random ASIC review and satisfied the independent auditor to sign off the financial statements for that year.

OM is a commercial profit seeking operation and therefore the report was commissioned for a purpose. And in my opinion it was a financial success from the point of view of those who commissioned it and disastrous for ISX shareholders.

IF, ISX revenues had not since grown substantially since the "performance shares" revenue year and IF, the independent auditor had withdrawn their audit report for that year, and IF, ASIC had determined it was necessary to review the independent auditors work, and IF, ISX was not competing agressively for a segment of clients of ASX, (through NSX) THEN I would be prepared to change my views on the matter and would take more seriously the contrary views of some posters who are armed with the same facts as myself.