This view I agree with! And I believe they will do a deal out of...

This view I agree with! And I believe they will do a deal out of court. I think it will be around continuous disclosures because the disclosures of shares for JK and other directors were not clear as to just how many shares were owned by them from the original acquisition package and from the distribution of the performance shares. My belief is that there was a lack of clarity for a rational reason - I.e. because there is no clarity around whether the unhappy early investor will win his/her bid for more shares in the courts or will lose. Therefore, since this is not likely to be a reoccurring event, it will not be considered consequential. A slap on the wrist, an admission of "we could have done better and will in the future" and life goes on. I think JK will also do a deal with this investor as well, if not just to end these conflicts. I am not a bit optimistic about how the AFR and the SMH will report on this though.

I also believe the deal may be done before the 13th. ASIC would be trying to conclude its investigation into ISX continuous disclosures quickly. From my communication with ASIC, it is clear that they do not want confidence in the equities market to be eroded, so there would be a great benefit in not taking the risk of having the judge rule that ASX has not acted with procedural fairness and in good faith.

If it is not done on the 13th, then I think the deal will be done as soon as the judge rules on whether to allow ISX to be re-instated. I believe the other "bits" to the SOC are inconsequential to JK and only exist as pressure points. Given JK's comment that nothing is done for spite, but has a strategic goal if the decision by ASIC and/or by ASX is not too onerous and not likely to cause real damage to ISX, he will end this.

Additionally, ASX filing a defence is not evidence to me that ASX intends to proceed further. I believe this is also just a pressure point. Given all the bad feedback during the senate enquiry, ASX would not want to get more negative revelations and risk losing some of their powers.

And, of course, all the exposures by ISX of the ways that ISX is a competitor of ASX is strategic as well as true.

Now is not the time to panic. Talk again after the 13th?