Thanks Cuzo,This will be tough for us and emotion won't help. I...

Thanks Cuzo,

This will be tough for us and emotion won't help. I agree with the negligence line of attack. A cost blowout of the magnitude (in percentage terms) is in my view negligent in the following ways:
1. Technical estimate is outside the normal domain of accuracy that is expected in construction and delivery of projects.(This is my field)

2.The estimates may have been optimistically biased to ensure investment partner and shareholder report.

3. The quality of the risk analysis must have been very poor and could not have been prepared in accordance with standard practice.

4.The consultants who prepared the cost estimates were obviously inappropriate for the task.

5. The cost blowout was not reported in a timely fashion to the market. The extent of the blow out would have been know well in advance of the reporting.

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Has anyone seen the company's articles of association. I feel that a substantive motion (voluntary administration( should have required some form of notice to shareholders prior to the meeting.