Clee didn't expect it to go this way because he thought they would win the original court case in regards to the Injunction. If the judge had of ruled in favour of the Injunction, then the Finran loan offer of $1.3M to fund till EGM would have kicked in. EGM would have been held, BOD thrown out, new BOD in, then new BOD gets $3M line of credit and then pursues the stolen money to recover it, makes an insurance claim for D&O to get up to $5M payout and we back solvent and trading. That is what Clee and the others expected.
Instead, the Judge ruled in favour of old BOD to not have an injunction because he was scared if they didn't have the ability to raise funds the company would become insolvent. So what happens?? Judge rules in old BOD favour, old BOD rejects the only offer on the table which is from Finran and instead then goes into VA - the exact thing Clee argued to the judge would happen - and now we have the mess before us. At least an additional $500,000 in costs from PWC - probably more with current court case, a mystery $2M claim that comes up out of the blue from a subsidiary of IOU and now we have another company from Malaysia trying to make a bid. Hamilton Locke represents this company - the exact same solicitor who brought IOU to PWC for the VA. Out of all the solicitors available it is the same dealing with IOU AND dealing with the company making a bid!
Cost for this new court case is approx $250K according to Clee. Some of the major holders are stumping up to assist in paying this. These funds are gone. Non recoverable. But I feel it was important for me to contribute because otherwise I may lose my entire investment. I am not a multi-millionaire. I am a bloke who has worked hard all his life and got duped into this company. When the $50M cap raise came along I honestly thought that was a strong signal that IOU was going to be something. I never imagined the fraud that it would create instead. I have a lot of my savings in this company, so I am working hard in any capability I can to try and help save it.
I have been on the phone to Ben Reichell, I have been on the phone and in meetings with Terence Clee. I have been on the phone with PWC. I got the share holder list and organised a group of other share holders in IOU to all call around to get support for the vote - hence the strong turnout and huge defeat of old BOD. I got a list of 45 of the major media outlets and a group of us have sent off to all of them. I have been in discussions with AFR, along with other shareholders to try and get the story out. I organised a pledge of funds for Clee and I have just made a 20K contribution to the court case next week. I am trying to do everything I can to save my investment, but it is exhausting. I have not looked after my own small business for at least the last couple of months. It is very distressing. When I read the smart arses who pop on the boards to make a comment, it just gets me angry. I know I was duped, so were a lot of others. Doesn't mean people have to rub our noses in it. We are all small investors compared to the high street.We're just trying to make some money for a comfortable retirement and right now my retirement is completely in question.
I have tried to post on here when I can, but the continual moderations makes it hard to post anything of substance. I really do hope we can come out the other side of this debacle, but in regards to the other offers and specifically Ariv, I have no idea what they are offering. In case anyone feels I am hot air, below is what I just contributed. A fellow shareholder in a similar situation has paid the same amount. I will let him make it known to others if he wants.
IOU Price at posting:
4.1¢ Sentiment: Hold Disclosure: Held
(20min delay)