A sorry end to this saga, I hope people only invested amounts they could afford to lose, a must for any speccy..
Does anyone know who the so called sophisticated investors were? I thought a sophisticated investor would be doing adequate due diligence, so what went wrong? The sophisticated investors would have inspired the confidence of a lot of retail investors to jump on board, so I'm curious to know more about these parties. I would especially like to know what their current holdings are. Does anyone have a top 20 holder list? My platform says data unavailable?? How is it even possible we haven't had any notice of substantial holder notices in the past two years?
Is it possible for PB to strip the profitable assets from STI to the new company in the UK for $1?
If it is possible, I'm sure it will be attempted. The World Callnet lawsuit was summarised as "looting the assets for their own personal benefit, and contrary to the best interests of the company and its shareholders". This action was unsuccessful, but clearly some believed Boonen had been involved in attempts to strip a company of valuable assets. If the allegations had no substance, you can bet those initiating the claim would have copped a libel countersuit. Of course this has all been covered before on the forum, I frankly found attempts to play down these issues, to divert the blame, pretty disgraceful.
I hope those with significant holdings will track where the assets go, to ensure there's no funny business. Specifically pay attention to assets sales to newly formed companies, I've seen it happen in the past where associated parties create a new company and receive assets for peanuts.
STI Price at posting:
0.2¢ Sentiment: None Disclosure: Held
