Ann: Appointment of Official Liquidators-ARK.AX, page-15

This is from the 31 july 2015 activites report penned by Malone:

"The Directors share these frustrations but remain committed to securing the Shenglong project. We are confident and remain determined to see this through and believe all shareholders will benefit greatly and be rewarded once this process is completed."

He wasnt so determined to see Shenglong through afterall noting he jumped ship a few months ago. As for his confidence that shareholders will benefit greatly and be rewarded, i think the co's pending liquidation highlights just how deluded malone was not only with regard to shenglong but with respect to every pipe dream project he pursued, only to abandon, at the expense of the very shareholders he promised to enrich.

Anyways, from this i have learned that a company is only as good as its management so, regardless of how undervalued you think a co's assets might be, do not buy or hold if management are a joke. Applying that principle would certainly have saved all of us the cash malone cost us.