This is not my area of expertise, but my take is that to get a...

This is not my area of expertise, but my take is that to get a class action up you would need:

1. Somebody with deep pockets. Given the company has no/little cash, this could be the auditors' PI policy if it can be shown that they were negligent in preparing the last set of audited accounts. As @Busy Bean pointed out above, this should be in the $5-20m range. If the directors' assets can be identified and frozen, that's another option but I wouldn't hang my hat on that. Another possibility is FC Capital if it can be proven that they have done anything wrong.

As an aside, this is why the GSW class action has gotten up - GSW raised capital from investors so there is a pot of money against which to claim - particularly for those investors to participated in the raise.

2. A viable cause of action. Off the top of my head this could be misleading and deceptive conduct against the auditors, breach of directors' duties, trading whilst insolvent. Remember that any action that ASIC might bring against the company would result in civil and potentially criminal penalties but may not directly provide a right of shareholders to claim.

3. A litigation funder willing to advance the costs of the action. There are a few of these around who I am sure are looking at this in conjunction with the relevant law firms too.

If all of the above conditions can be met, it's more likely that the parties will settle rather than go to court in which case the law firm needs to be paid, the litigation funder takes circa 40% so I'd guess that any return to shareholders will be 30-50% of the settlement.

Given the likely pockets of money involved, I would say any return to holders would be in the sub 10c per share range unless there's a deep pocket somewhere out there that I haven't thought of above.