Some Recent Developments:8 March 2010 Public Auction in Brisbane...

Some Recent Developments:


8 March 2010 Public Auction in Brisbane of 1.285m "defaulted units". There are no bids even at the $1 reserve price:

http://asx.com.au/asxpdf/20100308/pdf/31p4gs624kxks0.pdf

Note: BCS units trade at $1.15 (low volume) on the ASX that same day


17 March 2010 Underwriters Macquarie and Deutsche pay $1.275m Third and Final Instalment Shortfall on defaulted units

http://asx.com.au/asxpdf/20100317/pdf/31pb6g0b1x79r0.pdf


1.2m of the 1.285m defaulted units are owned by myself (David C. Barrow) and my associated companies (SettleMate Pty Ltd and DefaMate Pty Ltd).

See coverage in 18 March 2010 Sydney Morning Herald:

http://www.smh.com.au/opinion/accountant-takes-fight-to-briscon-20100317-qfra.html


Interested people may like to Help Draft Legal Pleadings against BrisConnections. A WIKI has been set up for this purpose:

http://www.settlemate.net.au/LegalMuse/tabid/68/Default.aspx

http://thebcon.wikia.com


Possible Causes of Legal Action:

(1) With Underwriters having paid all the outstanding Instalments on 17 June 2009 and 17 March 2010 there is actually no money owed by unitholders

(2) Breach of Good Faith in Conduct of 8 March 2010 Public Auction

(3) Culture of Bad Faith Generally

(4) Misleading and Deceptive Conduct on how a Public Auction would be conducted

(5) Fraud on the Power conduct that does not protect the best interests of unitholders


Regards, David

Disclosure on ownership of defaulted units: 788,354 David C. Barrow; 206,970 SettleMate Pty Ltd; 202,970 DefaMate Pty Ltd