GCN (ASX) Ann: Chairman's Address to Shareholders

Originally posted by dilligas ↑

All very interesting.

Richards smoke and mirrors continues.

* Richard is not instructing the liquidators - they know what they are doing.

* Richard is trying to have the liquidators replaced - they aren't doing what he wants.
Even if he does - by some miracle - the liquidators still don't and won't work FOR HIM.

* Richard is trying to arranged a DEED to keep trading.
This I would assume - IMO - is to try to keep insolvency & asset seizure laws from kicking in.

* It doesn't really matter who is the largest creditor - at a creditors meeting the decision will be made as to a trading decision by a show of hands in the room.

* And the image above by maccajack is interesting - it seems as though Richard might be in for a bit of trouble and a please explain - why hasn't the line - in liquidation - been placed next to or under the GoConnect Australia Pty Ltd name as required by law.

* Also with the image above and GoConnect Australia being in liquidation - how or why is Richard seemingly in control of the subsidiaries listed - I don't believe he is.

* And lets be realistic - if there was any money available the bills, wages & ATO would have already been paid.

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dilligas

If that diagram is read like a family tree then entities on the level of uctv.fm are owned by GoConnect Ltd, which is not in liquidation.

By contrast, GO JLJ Entertainment Pty Ltd and Jermertsty [sic] Holdings Pty Ltd (the two much anticipated golden egg laying geese in China) are owned by GoConnect Australia Pty Ltd which is currently in liquidation.

I agree that it is therefore difficult to see how the listed GCN company could own the two companies linked to the name of Jermaine Jackson and which are owned by a company in liquidation.

However I am always happy to admit it if I am wrong. After all, as we read on LinkedIn,

http://au.linkedin.com/pub/richard-li/28/281/3a8

GCN's Richard Li lists multiple skills - Social Media Marketing, Start-ups, Online Advertising, Digital Marketing, New Business Development, Business Strategy, E-commerce, Integrated Marketing, Product Management, Tenacious Work Ethic, Strategic Partnerships..

The only one of these skills I might possibly claim for myself is a tenacious work ethic.