So it appears that at the same time that many of us here were calling for AB to resign so were the people in control of the funds.
It appears that if AB had of had the slightest interest in the shareholders that he would have resigned, and we would be moving further down the track to launch of Jab1.
It appears that there is a financial connection between many of the board members and Cresta Yachts that has been utilised to the best benefits of those directors and Cresta.
It appears that AB has been stripping over a million dollars out of NWT over the past 12 months (in salary and outrageous bonuses and unpaid tax liability).
It appears that AB is not going to pay his tax bill, it appears that the ATO will be lining up as a creditor in the bankruptcy of NWT as a result.
It appears that AB is accepting no responsibility, and believes that this nothing to do with him.
It appears that many good people have lost their lively hood because of Newsats demise.
It appears that Many investors have lost their retirement dreams & plans.
"Welcome to the share market". (in house NWT joke)
Comments below from a letter to Newsat from Deutsche Bank, on behalf of the lenders, dated 12th December last year: "The Lenders have serious concerns arising out of these conditions, and more generally about the governance of the project sponsor NewSat," the Deutsche Bank letter stated. "Even at this preliminary stage, the Lenders have concerns arising from the content of the FH [Ferrier Hodgson] report; these concerns include issues of potential unlawful conduct and/or serious management failings.
"The Lenders will not consider resuming debt funding until NewSat demonstrates more direct action to address on a deeper level the underlying management and corporate governance weaknesses which appear to be persistent at NewSat."
Deutsche Bank also asked the NewSat board to explain "incidents of potential mismanagement" such as "related party transactions, remuneration and disclosure" and detail how it would prevent re-occurrence.
Days after the letter was sent, NewSat's three independent directors and then chief financial officer flew to Washington to meet EXIM Bank executives who demanded the removal of Mr Ballintine and Mr Green as a condition of the bank's relationship with NewSat continuing.
