This is public notice of a meeting of the Committee of...

This is public notice of a meeting of the Committee of Inspection ('COI') of Babcock & Brown creditors. Recent attendees of the COI (excluding Deloitte) are:

• - The trustee for the subordinated notes: Perpetual / Trust Company (Australia) Limited
• - Richard Wilkins
• - Tom Watson
• - Willem Jonkers
• - Deidre Copley (observer)

The minutes from these meetings are available on the ASIC website, but they are pretty useless because of how little detail is provided. It appears that most of the updates come from the Liquidator's legal advisor: Joseph Scarcella from Johnson Winter Slattery who has been defending the Bookarelli litigation for 16+ years now (see the 'Legal fees' line from the above table). You have to applaud his stamina.

There is something worrying in these minutes: the first mention of a whole new legal proceeding referred to as 'Zsadony proceedings'. If this is another legal case funded by Bookarelli, it would be the sixth(!) case brought by shareholders who are trying to convince the court that their loss should be admitted as a creditor claim in the Liquidation. On average, the previous five proceedings ran each for approximately six years.

It is hard to tell without being the actual COI meeting, but the mention of the Zsadony proceedings suggests a possible multi-year additional wait for any distribution to BBSN holders.