first bit of media

here you go fellas m bouris and tzl google

WIZARD Home Loans founder Mark Bouris has joined the TZ Limited board.

On December 31, TZ missed an interest payment of $2.2 million to QVT, the hedge fund that had been issued a $24m convertible note 18 months before. Why it took six months for shareholders to find out about the default is not exactly clear. Nor is it clear why TZ failed to immediately notify the market when, on June 1, QVT issued a demand that the company repay the entire outstanding debt, plus interest. Three days later, TZ released a notice of meeting under the orders of major shareholder Patrick Chew, who was trying to spill and replace the board. Interestingly, the notice warned that any change of control at the company could trigger a default clause under the QVT convertible note agreement: "In that event, the company would not have the available funds to repay the note, which would be catastrophic for the company and shareholders." Yet no mention was made of the fact that the catastrophic event had already occurred. The first shareholders learned of "possible breaches" of the covenant was on June 11, when the company requested a trading halt, while the full extent of its issues with QVT only emerged yesterday. Is that a material piece of information for a company that had just $7.9m in the bank at the end of March and a quarterly cash burn rate of more than $5m? "Um, with the benefit of hindsight, it probably is," agreed John Falconer, who resigned his executive director's role yesterday, along with fellow director Michael Otten and chief financial officer Bob Pegorek. Former TZ chairman Paul Casey resigned by email on June 11, just days after joining the company. Never mind, it's Bouris to the rescue. His appointment to the TZ board as chairman, along with Kenneth Ting and Willem de Vlug, was part of the initial push by Chew. Bouris has been negotiating with QVT, which has agreed to give the company until July 17 to pay outstanding interest. It has also agreed to "good faith discussions" on orderly repayment of the debt. In return, TZ's new board will provide QVT with requested financial information and will hire a forensic accountant to investigate and report on the company's financial position. Meanwhile, Bouris will need to raise enough capital to repay the oustanding $2.2m interest....