On 25 june 2014,the Supreme Court of Western Australia dismissed...

On 25 june 2014,the Supreme Court of Western Australia dismissed the Ailakis brothers 'appeal.

In the summary of the decision(see WASCA\CACV\2014WASCA0127.DOC)
chief justice Martin stated:"Happily neither the substantive law nor the law governing the practice and procedure of the courts are so out of step with basic commercial morality as to sustain their proposition.For the reasons which follow,their appeal should be dismissed".

Subsequently on 11 august 2014,the Ailakis brothers declared themselves bankrupt owing apprx. $ 1.45 mill.
out of which $ 1.3 mill.are owed to Mr.J C Olivero as per the courts decision.

During the District Court and Supreme Court proceedings it was clearly established that the Ailakis brothers controlled at least 2 trusts that presently hold around 15 mill.shares in Redstone Resources-a fact that was never disclosed to the ASX or to shareholders by Mr.A.Ailakis.It was also established and confirmed by Mr.S.Penglis,lawyer for the Ailakis brothers,that it was a private matter of Anthony and Rodney Ailakis,not concerning RedstoneResources.However,more than $ 300.000,00 were reimbursed to Anthony Ailakis by Redstone for their legal expenses.
This fact was conveyed to the Chairman,Mr.Richard Homsany on more than one occasion.He was also requested to seek the repayment of this sum.It appears that the board of directors of Redstone Resources have not taken any action to recover the funds.

The action and inaction of the board of directors and company secretary have to be questioned.

All shareholders should be very concerned by this information.

I am conducting further investigations and will be posting more details soonest.

Looking forward to the AGM.