A good synopsis of this shameful affair. Hopefully the shareholder group can make a submission to the Royal Commission. Surely the banks won't be able to "out lawyer" the commission, which is the way they win many of their battles against entities of lesser means.
I look forward to their explanation for risking shareholder funds by lending moneys without adequate security. They then had the good fortune to recover their position by influencing the other creditors aided by their choice of administrator.
Crystalling capital loss in ARI, page-38
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