Any chance it was to do with this? Maybe they have still been...

Any chance it was to do with this? Maybe they have still been fighting it all this time? The 3 million ish shares would prob have been around $400,000 worth.

http://www.fido.gov.au/asic/asic.nsf/byheadline/01%2F256+Supreme+Court+takes+tough+line+on+directors'+conflict+of+interest?opendocument



01/256 Supreme Court takes tough line on directors' conflict of interest

Friday July 20 2001

The Supreme Court of Western Australia today found that Alan David Doyle and Derek William Satterthwaite breached their duties as directors of former mineral exploration company Chile Minera NL (Chile).

The ruling relates to a decision by the directors in November 1996 to return a sum of $400,000 to Doyle Capital Partners Pty Ltd, a company associated with Mr Doyle.

The money was raised as working capital for Chile through a placement of shares arranged by DCP.

The court found that Mr Doyle had made improper use of his position as a director of Chile to gain an advantage for the allottees of the shares, by participating in the directors meetings at which the decision was made.

The court found that Mr Satterthwaite was knowingly concerned in the breach by Mr Doyle, and that Mr Satterthwaite had also breached his duty to act with care and diligence in relation to the same decision.

The matter was adjourned in order for the question of penalty to be determined at a later date.

The Corporations Law enables the court to impose a penalty of up to $200,000 on each director, order each director to pay compensation to the company and/or to ban a director from taking part in the management of a corporation.

'This decision makes it clear that company directors who have a conflict of interest must be careful to ensure the decisions they make are not affected by that conflict, and that other members of the Board must be equally careful to ensure they are not caught up in any conflict', said Mr Gething.

Chile, formerly known as Interchrome NL, is presently known Timemac Solutions Limited.

Neither Mr Doyle nor Mr Satterthwaite hold positions as directors on the current board and are not presently connected with the company.

For further information contact:
Michael Gething
Regional Commissioner, WA
Telephone: 08 9261 4199
Mobile: 0411 549 183 Felicity Glennie-Holmes
ASIC Media Unit
Telephone: 02 9911 2600
Mobile: 0412 673 038