Hi again Bluto. Been a while. Nothing has changed except that some of the ex Principals continue to enjoy life as is reported to me from time to time. They are certainly not feeling the pinch or wanting tyo share thir good fortune.
Also some of the ex shareholders are still hanging around them like the two faced posters they always were on here.
As for ASIC it is about time they grew a pair, some conscience and social responsibility as well and sent out a clear message that even if there is no skin left to take then there is still the option of other recourse. Just because there is no money should not mean ASIC walk away. We pay their wages and there should be outcomes for all, regardless of the size f the purse at the start..
I agree that if the liquidators can find a justification to sue the n they must believe they have the grounds therefore ASIC should have also use the same argument. They are not interested.
Directors insurance is [or was] available but it was only a very small amount [in the grander scheme of things] and would have disappeared in expenses. I still have copies of them and they were passed on. We would still have got nothing. Also my enquiries found that the liquidators also knew of the insurances and they had first call on the insurance money. As always, the little guys who prop up the Australian market and provide the equity for these Companies gets squat when it comes to payouts. Right at the bottom of the pile which guarantees we will never see a cent.
Solicitors are no better. When all the evidence we had stacked up was put to them [and it was more than one legal firm] we kept getting told we had an excellent chance of success but when they looked at the bottom line [which was all red ink] all of a sudden they didn't want to know about it.
Our bottom line: Unless someone can get ASIC to reopen the case it is dead. We still have all the information we gathered, sworn statements, articles and letters of support from previous Directors, ex staff members statements, etc. and the list of shareholders and their holdings who put their hands up to support ASIC but they have to decide to reopen the case in the light of this latest action by the liquidators. They should be made to join with the liquidators as an interested co-party to further action respective to investigating corporate or criminal malfeasance rather than run their own race which they seem either unwilling i=or incapable of doing independently. We have done our dough but we deserve the satisfaction of knowing we have not been treated as cannon fodder by ASIC. And the corporate world deserves to be protected from this sort of behaviour in future.
Only through a properly constituted Government enquiry by the Corporate watchdogs can the culpability or otherwise of all the persons controlling the Company be determined.
A copy of this press release should be sent to Trump. He is looking for any money he can get his hands on and I believe ExIm would also like a big piece of the action. I think he would actually appreciate a chance to show some muscle.
I am always open to new avenues but for a long time I've just been bumping in to walls and hitting speed humps.
Still happy to have a go but somebody would either have to bring forward some blockbuster news i could use, or be in a position to get ASIC or solicitors back in the game for me to follow though with as a result of this new situation.
NWT Price at posting:
11.5¢ Sentiment: None Disclosure: Held
