myronc,I understand that you were one of the parties that were...

myronc,

I understand that you were one of the parties that were working with Pinder to put up the alternate DOCA, which for whatever reason did not proceed. As such you must feel some grief as a result, you seem to have chosen to vent here. I have over the past few days been posting to clarify some of misunderstandings which have risen following the creditors meeting and the acceptance of the ASOF DOCA.

Before I address some of the other points in your post firstly let me say that I have no connection whatsoever with ASOF. The statement about the signing of the deed is set out, for all to read, in the Administrators letter where he says "ASOF must execute the Deed of Assignment within 15 business days after the meeting of the creditors (that is, by Thrusday, 22 November 2012)" this is normal practice as it allows them to carry out and satisfy the conditions precedent of the Deed. So this is not inside information and is in the public arena. I am assuming that you read it as well.

Secondly, and much more disturbing is the main body of your post which deals with the value of the shares. I hope that you have posted this in ignorance and not to be mischievous in order to upset people out of spite. The administration, is as I have pointed out, run for the benefit of creditors both secured and unsecured, staff etc. Shareholders have no input nor influence and do not share in any arrangements made including payments.

I am shocked that you are not aware of the difference between a shareholder and an unsecured creditor, or do you?

The unsecured creditors, it is reported, agreed to receive 1.3 cents for every dollar they are owed. This means that if the local plumber is owed $100 he will get $1.30, a poor return but given they will get nothing in the case of liquidation better than nothing. Shareholders as they are not unsecured creditors get nothing of this. If you require me to explain this, and the difference between shareholders and secured/unsecured creditors in more detail more than happy to.

Reverting to many of my earlier posts, shares owned by shareholders, once relisted will trade at $0.001. This is the lowest price allowed by ASX. This means that your 1m in your example will still be worth $1,000. This is the reality for shareholders and please show me if and where this is not correct.

I still stick by my consistent stance and hope that others will understand that being part of a company that has survived and the potential of having tradeable stock is a result, liquidation was not a result. As for your statement "I know it absolutely could AND SHOULD have been done differently." Well is was not so why harp on it and accept reality. Given that the deed has not been signed and if the conditions are not met it may not be and then you can see what liquidation looks like. Also where you say "So give me a friggin break while we all call a spade a spade. Thanks." I hope that spade consists of an apology, or if that is beyond you at least rescind the misleading parts of your post.