brisconnect holder, page-2

Hi Spooky,

First and foremost, get professional advice. There are lots of firms specialising in bankruptcy. Have a word to one of them. (try googling for bankruptcy)

My opinion (which could be worth less than a brisconnections share) is that the bank will have first option on your house, so the debt collectors have nothing to gain in trying to sell that out from under you. They might have an eye on taking your superannuation.

The Eureka report talked about this issue last week. I can't paste the entire article out of respect for their copyright, but here is a snippit:

"I asked BrisConnections chairman Trevor Rowe whether there is any prospect of improved terms or a change of heart within the BrisConnections team. Rowe says the PDS fully disclosed the terms of the deal. He also says his company must legally make its “best endeavours” to get the money from investors who don’t pay up, and that includes the use of debt collectors.

But is using debt collectors feasible? Tony Aveling, the chief executive of Collection House, the biggest debt collection agency in Australia, says: “I don't think it is. I just don't think you'd get to collect a lot of money in any exercise to do with BrisConnections."

I think when you see the chief executive of a debt collection agency publicly shooting down the notion of chasing small shareholders and day traders for instalment dues, not to mention his willingness to turn down potential new business before it even comes to his door, it's safe to say the debt collector route is pie in the sky."