Paschal - do your homework on the administration issue as well. It was 8 YEARS AGO in jan 1998 - HOW MUCH LONGER ARE PEOPLE GOING TO DREDGE UP THIS FURPHY????
They didn't go into administration voluntarily - they were put there by Suncorp Metway who took over the initial development loan from the QIDC.
Did the Directors know this was going to happen? I doubt it, because the Directors immediately sued Suncorp Metway for $1.484 BILLION for "deceptive conduct".
CTO came out of administration 6 months later. The action was settled out of court, with one major condition being no publicity about the settlement.
However, look at CTO's 1998 Anual Report , page 22, Note 5 to the accounts "EXTRAORDINARY ITEM - Commercial Debt Forgiveness +$11,425,988". Seeing that the commercial debt from QIDC was $22 million, and they netted $11.4 million AFTER "commercial debt forgiveness", who was in the right???? No wonder Suncorp Metway didn't want any publicity on a $33 million write-off for "deceptive conduct".
It's all there in the public record. Just do the reading!!
Paschal - do your homework on the administration issue as well....
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