Class Action ???

I really hate using this term, because posters on HC seem to scream for a "class action" when the Tea Lady runs out of biscuits!.

But, in all sincerity, this is the sort of situation that is just perfect for Litigation Funding specialists!

Mark my words.

The Suspension has been declared UNLAWFUL by the Supreme Court of NSW.

Shareholders have actually suffered significant, quantifiable losses, caused by an unlawful act - AND the perpetrator of that unlawful act has deep pockets!!

From my experience, those are key ingredients that a Litigation Funder will first look for.

From memory, MEL stated that it incurred losses from the suspension ie costs of rig, earlier drilling, suspension costs , admin etc etc.
MEL also declared that the MEL SP dropped by 40%
I also remember a number, in total I guess, of $120m in losses, but not clear.

IMHO, MEL cannot claim damages for the loss in SP caused by the unlawful suspension.
Because, imho, those losses (and subsequent damages) were suffered by shareholders - not MEL.

So MEL s/h, who were s/h at the time of the suspension, may well have suffered losses in total of say $50m upwards ???

I know colleagues who had significant holdings, and their losses were significant.

I guess MEL s/h might just ponder their individual situation?

Interesting stuff.

But such a great result today!