There was a period in 2007 when Babcock and Brown was technically insolvent by definition under the Corporations Act (Cwth) 2001.
I raise the issue again and ask on what legal advise did Babcock and Brown not disclose that event and why. Regardlss of whether by sleight of hand or other accounting and legal manouvering, they re emerged from that situation even if only for temporary respite, the company, its board and its legal advisors had an obligation at law and morally to inform their investors of the event and the means by which they averted an earlier disaster.
it is not for B&B's board or legal advisors to conceal information rightfully and lawfully belonging in the public arena to conceal or to 'fail' to report 'on advice of their financial advisors and legal advisors.
How much more difficulty has any organisation have to endure dragging their shareholders with them down the chute before they do whats required of them by law?
