king's ransom?

To Researcher100,

With thanks for this lonk. Hope it's O'K if I just post the lot for easier propagation of these news to all involved.

Thanks,
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Anthony Marx The Courier-Mail April 22, 2014 12:00AM

THE court case against one-time Gold Coast high flyer Michael King resumes in Brisbane today after a four-month hiatus.

The polo-playing businessman and four of his top guns from collapsed tourism and finance group Octaviar face allegations of corporate wrongdoing brought by the Australian Securities and Investments Commission.
ASIC alleges the senior executives misappropriated $147.5 million from the company’s Premium Income Fund and reallocated the money through multiple entities in an effort to pay debts in late 2007 and early 2008.
False and back-dated documents were allegedly used to justify the transactions.

ASIC is seeking to recover the $147.5 million from the defendants, fine them $200,000 per breach and ban them from managing corporations. All are defending the case.
Octaviar, formerly known as MFS, collapsed in 2008, owing $2.5 billion.

King, who is not expected in the Supreme Court today, later entered into a Part 10 Agreement as an alternative to bankruptcy to satisfy his creditors.

The trial is scheduled to run through to May 9 and then resume again for most of August.
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Go ASIC, last chance for redemption!

Regards,