Another very important point about ASIC's action against ARL...

Another very important point about ASIC's action against ARL transfer deal reversal is this:
PIF received 830 mil of worthless ("in specie", HA,HA) ARL shares in lieu of CASH.
Promises predicated on assets being realized and proceeds distributed to members.
That was a furphy and may have been the reason why Simon Raftery left ARL.
note: supposition only.

Dgenny's backdown means that the 41% of PIF assets are restored to its effective value as per miserable NSX board.
However, as the brick and mortar assets are disposed of, lets hope with more stringent ASIC supervision of due diligences, same process of distribution to members will take place.

Attached article is helpful in explaining our position
in ASIC's action.

http://www.timebase.com.au/topics/2013/06/05/asic-v-wellington-capital-ltd-2013-fcafc-52-responsibile-entities-and-managed

Regards,