It was a fake escrow agreement. ISX management could agree to the escrow, wait to lodge their accounts late and be put in suspension. They could then lodge their accounts - address the issue causing suspension and resume trading with the escrow magically gone. This could apply to any one of a number of minor reasons that require a suspension. It had a huge loophole that was obviously able to be gamed and could never be allowed.
Turn this around, give me one reason why a standard escrow agreement is acceptable to so many companies but not for ISX? Just one reason? Why aren't you asking your management team this?
Finally why is a negotiation ASX's responsibility. It is ISX mgmt that are alleged to have done the wrong thing and it is ISX mgmt that owe shareholders a duty. Again the standard agreement exists for a reason and is used regularly.
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