I have spoken to lawyer @ Piper Alderman. He says there would be a case to answer to ASIC but not now. At a later date. Concentrate on current litigation. He has read "market update" and it looks like John Kain and Kim Morrison planned a long exit. KordaMentha would have 20 people on receivership, some on $600 per hour. there will not be 1 cent going to shareholders. Oaktree $50m loan triggered conditions which were not met. Now they want their money back and they will get it by selling/ transferring assets. Mr Morison managing Australian Alternative Assets Partners PTY LTD and even owning a majority share looks unethical but perfectly legal. He is only one to manage a complex business. He owns supposedly a $11m farm probably in another name or company. Cant touch that either! Both directors resigned as directors supposedly to concentrate on running business and keep directors independent executive directors might have had ulterior motive. But and Jaka AJA says, the problem goes back to Shand era. Company failed to notify market and their shareholders many who were international investors were relying on financial advice Company gave was grossly incorrect. Market was fed lies. My understanding is Piper Alderman will litigate directors and arranging funding. Any pay out they will pay out their costs and distribute rest to shareholders. I will have to agree to these arrangements as the $350,000 I lost means I don't have funds to hire lawyer. My own stupidity for trusting the likes of Directors and staff. Cant believe I had phone calls from staff advising me to buy more. The truth will unfold
BLA Price at posting:
18.5¢ Sentiment: None Disclosure: Held
