"Anyone smell a rat?" - ktbearYep, I've been spraying air...

"Anyone smell a rat?" - ktbear

Yep, I've been spraying air freshener around for ages, doesn't help.

I spoke with Daniel Behman at Lawlers today and he confirmed the firesale of our Data Business achieved "up to $3mill".

He also said there will definitely be nothing left for shareholders. He expects it to be wrapped up in approx 2-3 months...but definitely this financial year.

He spoke as though they, Lawlers are "working for ASIC", which I took to mean accountable to ASIC and reporting to them, as much as us or CXN.

He felt their investigations so far had shown CXN motives and actions where fair and above board. In terms of what went wrong, "how did this co fail" as you put it ktbear, says we will receive a comprehensive report (analysis)of the co's decisions impacting its demise, rather than just a statement of who was paid what and who has to stomach the shortfall so to speak.

I said I had a decent stake in CXN, and that a number of holders felt the co had been misleading and negligent in relation to its obligations to disclose accurate info continuously, upon which receipt we could have made decisions to withdraw / reduce or hold our positions - just as creditor could choose to withhold further supply of goods if bills were going unpaid etc.

He couldn't see what purpose class action would serve (of course).

I would urge those who have what they consider as ammunition ASIC could use to bring (what remains of a Board) to account, to use it. Bottom line though, well there IS no bottom line for us - we're under water.

I don't know if anyone thinks the ASA would think we have a snowballs chance of salvaging anything....maybe some of you have been down that road already??

Further thoughts welcome.

Rgds,

Lilac