Ann: Second Meetings of Creditors, page-7

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T1243

496 Posts.

24/02/16

09:19

Post #: 17099980
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Originally posted by MrBeard ↑

I do not get how anyone has the impression this is a good scenario for any shareholder or creditor, shouldn't everyone get paid ???, I do not see the take from the rich to pay the poor scenario here, please explain that out look.... looks more like a classic case of pay the secured creditors in full who can vote forcing their hands to vote in favour of letting the small creditors and and share holders take a hit of no payment and diluted share value.

I am led to believe from reading the report that majority of these other creditors are owed well in excess of 25K considering that indication of over 19M in the report this would give 760 creditors ..... generally "smaller" creditors are local community suppliers, sounds a excessive number or MAYBE a company trying to rip over 19M from local communities and business .... My guess is the maybe.

These creditors along with shareholders have been taken for a ride by COK and its management team. A classic case of management deceiving investors and creditors with a hidden agenda to profit and benefit from the their losses. A possible case of a foreign owned company trying to take ownership of a Australian company with out paying the Australian people the true value.

I can not see a positive out look for shareholders, who would really invest in this company and buy anyones share after all this ????

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I doubt it was intentional to go into administration in an effort to rip off local businesses.
From a shareholders perspective, I'm happy to still have something, as nothing was the alternative.
I also wonder if BND plays into this somehow?

COK Price at posting: 0.1¢ Sentiment: Hold Disclosure: Held
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Ann: Second Meetings of Creditors, page-7

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