If that's the case then shareholders could have sued the...

If that's the case then shareholders could have sued the accounting firm that was auditing Ansett's books.

Problem was in the case of Ansett, the shareholders got nothing back cause there was nothing.

With Arrium most of the debt is UNSECURED.  So if shareholders can get a good law firm to mount a good case for non-disclosure of crucial price sensitive information to the sharemarket and the shareholders, and there is $2.2 Billion left in the Arrium Distribution Fund to pay out to creditors (after selling Molycop and Arrium Australia) , then we (shareholders) may well have a case to receive some of that $2.20 Billion.

You see the most unusual thing about Arrum's case is most of the debt is unsecured.  And that is where shareholders may be in with a chance of getting something back for your shares.

And Arrium's advisers UBS, Lazard and Freehills may be well in the sights of a law firm representing the shareholders too - along with the auditor of Arrium's accounts (if there is found to be any wrongdoing)