ASIC v ISX Hearing, page-2751

Nah, didn't say that, though I'm not hiding the fact that based on what I've seen, yeah, I'm convinced that the case is legit.

The ASX case is literally over.

When I said the ASIC case is over, but just waiting for the verdict, I meant that all parts of the case for presenting evidence, giving opening and closing remarks, calling witnesses... that's all done and gone. So in terms of "say new information came out of the case with ASIC", that can't happen. Neither side can pop back in and say "actually, judge, I just want to call one more witness". So there will be no new information coming out. The only thing coming out will be whether the judge finds for ASIC or for ISX.

In terms of "can we as shareholders have a crack at ASX or others", I don't believe we can. I'm not a lawyer (I work in finance teams, which is why I was more than a little alarmed at some of the evidence from the case regarding accounting treatments), but I don't believe we'd meet the criteria for standing. Only the party who is directly wronged has the right to bring a case against ASX. In this case, IF we assume that ASX did the wrong thing, the party who is wronged is ISX. ISX would've been illegally suspended and targeted, etc. so ISX could bring a case against ASX for, let's pick a round figure, $462m, in compensation for illegal and incorrect suspension. If ISX had the evidence to win that, then they'd get $462m, and as shareholders, that's about 45 cents a share (pre-demerger shares) in cash that our company just increased in value by. The company could pay a dividend and give that money to us, or use it on expansion, etc. If we could then say "actually, us shareholders were affected too, we're going to sue the ASX for $400m too", then ASX would effectively be punished twice for the same action, and we'd benefit twice (once because our investment just increased 50%, and two being when ASX pays us from a class action). If the company paid us the 45c/share as a dividend, we'd actually get the cash literally twice. So only our company gets to sue, not us as well.

The other thing to remember is, ASX and ISX settled for literally nothing (keep your own costs and walk away). If there was any shred of chance that there was evidence out there to support a case against ASX, do you really think ISX would've walked away? We were almost at verdict. We just had to pay the court bond, and then wait a couple of months, and we'd have had an answer. We refused to pay the court bond and instead walked away from it. Clearly the company wasn't confident of a positive outcome if they weren't willing to put 1% of the possible verdict down as a bond.