No one is getting their money back. Everyone has been taken on a...

No one is getting their money back. Everyone has been taken on a long cruel ride.

If the directors get their way and appoint a liquidator of their choosing (probably recommended by their solicitors ABL) there will be no distribution to shareholders and no administrator investigation of what has transpired to cause this end result.

Mickelson is right. Shareholders need to push back. Demand a court appointed liquidator who will investigate & report wrongdoings to the authorities.

I just want to respond to some of the comments re a class action lawsuit, such as "shareholders get next to nothing, only virtue signalling lawyers win"; and "be careful trying to sue big firms like KPMG or wealthy individuals, they have deep pockets & will defend themselves beyond what shareholders can afford".

These statements are mostly bs. Yes lawyers make a shitload out of class actions, and yes shareholders don't get back what they expect. But surely something is better than nothing, and punishing those that did the wrong thing is worthwhile.

Let me be clear. There are only 2 main players in class actions. International finance companies and international insurance companies.

Once investigations are finished & culpability is determined, a law firm will seek funding from a finance company.
If the finance company sees there is a strong chance of success, they will invest (expecting a good return on their investment).
Once a class action is commenced, the defendants will turn to their insurers, who will pay their legal costs (if their indemnity policy covers them) and any payout on settlement.

These 2 players will dance around until one of them, usually the insurer, decides they don't want to throw any more money at it

The thing is, members of the class action need to be firm on ensuring legal & finance costs are ADDED TO compensation.

KPMG will be covered by insurers. Individual defendants, maybe not. It was always curious that in the last few years of financial reporting it was stated that details of indemnity coverage were unable to be disclosed.....

I would imagine that if individual defendants do not have insurance coverage, regardless of how wealthy they are, they will be no match for large international finance corporations (in the grand scheme of things).

Don't buy into the bs.