I have to agree with Tekvest. I'm not a corporate lawyer, nor do I have any dealings with ASIC, so take what I say with a grain of salt because it is only an opinion of a trader, former shareholder, and observer of this debacle and demise.
You'd need a fairly solid case the individuals you're going after were either fraudulent in their dealings to the point that they benefitted from misleading investors and stakeholders. I really feel there's little to no evidence of that. Then there's negligence. That ice is not much thicker. They, like you and I, believed there was enough altitude to pull out of the dive to where profitability could at some point intervene and stem the financial bleeding of the company. Meydan simply took the control stick away and the dive continued, into the dirt. The big issue is precedence. A win means every shareholder could then sue companies that tried, then failed. As you can appreciate, it gets legally messy. I lost capital here too, but had I not pulled out above 90c, I could easily have lost double what I did. I kept on saying, "This is the bottom, this is the bottom." I became suspicious when the old board under Eidel was tossed, but the cash burn didn't stop. I was out!!!
The true bottom ended up the same as for every stock: $0.
