I recon some of us should join the litigation committee and suggest all the share holders to go down the pub to discuss the issues , get them stonkered. Hey, even throw in some party drugs to move things along a bit as well. Then send them off the their committee meeting. Sounds sensible to me.
Investors hoping to recover their losses through a $1 billion class action against Centro Properties Group have been asked to take a more active role in the case, according to The Sydney Morning Herald.
Justice Ray Finkelstein suggested Centro's shareholders join a '"litigation committee" so they can have a say in how the case is run.
The committee system arose because two rival plaintiff law firms have started similar class actions against the company, and have been trying to have their case run first while the other is put on hold, reported the paper.
Justice Finkelstein has refused to let both law firms run their cases because of the high costs and lengthy hearings.
Instead the committee of shareholders would work out whether the cases could be heard together, or which one should be heard first.
Centro last year fell victim to the global credit crunch, which curtailed its ability to refinance maturing debt.
Since then, it has been relying on its bankers to agree to refinancing extensions, and has sold some investments, assessed further sales and examined other ways to repay liabilities.
CNP Price at posting:
6.8¢ Sentiment: None Disclosure: Held
