Maybe they never thought they would need to put up a defense? What do you mean your honour, our own detailed notes aren't evidence!!! How dare they? How dare you! absolute discretion!
Once that bubble was burst, the realisation that ASIC is progressively distancing themselves may have lead to one or two late night phone calls to the insurers. What do we do? Well, a fishing expedition worked for us before, why fix what isn't broke?!? To be honest, we expected then to go broke by now!
If all else fails, our defence is it was a personal vendetta your honour. We are not responsible for the acts of our executive employees.
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Maybe they never thought they would need to put up a defense?...
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