NWT 0.00% 11.5¢ newsat limited

No way the least of his worries Bluto! ASIC and the CA haven't...

  1. 2,645 Posts.
    lightbulb Created with Sketch. 8
    No way the least of his worries Bluto!

    ASIC and the CA haven't even warmed up yet!

    My apologies to all the new emails sent to [email protected] wanting o support the class action. I have them but am away and will reply early next week.

    We now have a lot of support so if you arenmt amongst them get on board now. It is free and confidential.

    So,
    That was an interesting article on the weekend? In my mind it confirms that the board was absolutely complicit in the downfall of the company and, hopefully, adds some support to what you are attempting to do.

    It is extraordinarily damning that a letter to the board exists, basically insisting that the whole financing will be blown up unless changes to management are made - and they have ignored it.

    Aside from this, you have the following:

    1. It is clear that the independent directors resigned in June 2014 because the board would not remove Ballintine.

    2. When the three independent directors resigned, you had a board that consisted of Green, Ellison, Ching, Abbott and Ballintine - all of them associated with Ballintine. When they eventually became aware of these matters, what did they do? Nothing. Any independent chairman would have insisted on an independent investigation. This never occurred. It was the lenders that did it. Presumably, the board was happy to accept whatever they were told by Ballintine.

    3. You will see in that article a mention of a promissory note that was provided by Ballintine at the insistence of the lenders (not the board) in August 2014. This covered his debt to the company and was secured by his assets. The debt was to be fully paid by November. As the article suggests, nothing was repaid and the board declined to enforce the security. Why, when they knew their financing was in jeopardy?

    4. The three new independent directors were told in no uncertain terms in late December, to remove Ballintine or funding would be withdrawn. This never happened and an Exim spokesman has confirm this.

    5. Apparently the board was told again in February 2015 and nothing happened. This was shortly before the lenders withdrew their support.

    6. The article suggests the chairman stopped attending board meetings. WTF?

    I would have thought this is all particularly damning in respect of the behaviour of everyone on that board. They have not acted at all in accordance with their fiduciary responsibilities. You should be going after their personal assets.

    We have a chance to nail anyone who had a finger in the pie and they have got to know we are p!ssed off.

    A whole raft of information is being fed to the authorities but we can't do the job for them and us few can't do it all for you. ASIC and the CA and us and YOU have to act while they can so if you know anyone in the media or at ASIC [or even if you don't] get this message out there or you have information that can help then put up your hand. IT IS CONFIDENTIAL..

    To use a scientific financial term NEWSATY IS STUFFED!! I have that direct from Marcus the administrator. He does not mince his words and is in no doubt that shareholders are already finished and out of the picture. That will be confirmed at the 7th August creditors meeting so before they run and hide all their assets help us to help you.

    [email protected]
 
watchlist Created with Sketch. Add NWT (ASX) to my watchlist

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.