I thought we didn't have enough information to make a judgement. Obviously no grand conspiracy. I had no problem with ASX and ASIC having discussions, nor with them discussing ASIC's preference for ISX to be suspended while they made enquiries (JK had everything to lose and a foreign passport). BUT The suspension realistically came down to ASX's documentation. If ASX had properly documented their decision, they were fine. If they didn't, ISX would have a case. Anyone who's worked in professional offices knows the correct result and the correct documentation are two different things.
I never thought they'd get $500m, and even the $100m figure I've been using has been assuming that ISX proved from their treasure trove of discovery that there was a grand plot to destroy ISX illegally. Missing paperwork would be a much smaller result. Of course, JK lied about the treasure trove of discovery, so here we are.
Just in case you meant both, here are my thoughts on the ASIC Case: I do believe that ASIC have proven their case on the balance of probabilities. The most obvious parts being the certificates of practical completion and invoices from Fini and Gibi (particularly where ISX received progress invoices from Fini/Gibi over the following 6 months after end of year as Fini/Gibi hit project milestones, proving that the work wasn't finished by end of year - this shows that ISX-drafted certificates completion and booking of revenue on "completed" jobs before year end was not correct - this revenue resulting in hundreds of millions of shares for the directors).
SP1 Price at posting:
$1.07 Sentiment: Sell Disclosure: Held
