Liquidator's Annual Report To Creditors and Noteholders, page-20

The minutes from the last Committee of Inspection meeting (7 May, 2025) are available. They make mention of what appears to be a new legal proceeding (I assume funded by Bookarelli): the 'Zsadony proceedings':
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The minutes also confirm that Bookarelli is appealing the Pain decision, which seems bold given the judgement included the following wording:

“…I have concluded that in all the circumstances it was unreasonable for the Painapplicants not to have brought forward their claims in other proceedings fundedand brought by Bookarelli against the respondent and theproceeding should be permanently stayed as an abuse of process.”

In case it is of interest to anyone here, ClaimCloud is a buyer of BBSN notes. My hope is that an offer of liquidity after 16 years is of value to some noteholders. The indicative bid is currently 1.5c on the dollar.

Each noteholder will have their own tax situation, but the Liquidator has never issued a notice saying the notes have no value. Perhaps noteholders were eligible for a tax deduction on the investment a long time ago. If not, it may be worth taking professional advice to understand if a sale of the notes now would crystallise a tax loss.
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My contact details are on www.clmcld.com if any noteholders want to discuss selling, or just to discuss the liquidation; I have spent considerable time analysing the possible outcomes and following the five separate proceedings funded by Bookarelli to date (maybe six now with the abovementioned 'Zsadony proceedings') and am happy to share notes.

For additional background, the table below presents a summary of the last 10 years of annual returns lodged by the Liquidator with ASIC. The cash balance has remained steady, with interest earnings funding $4.6m in legal fees (net of legal cost recoveries) and $3.2m in liquidator fees.



Our assumption is that there are $3m of unsecured creditors and $608m of subordinated BBSN notes and that the unsecured creditors rank ahead of the notes in the liquidation waterfall.

Any information provided by ClaimCloud is not intended to constitute any financial or investment advice. Before you consider selling any claim you have to ClaimCloud, you should consider obtaining financial, tax and investment advice that takes into account your financial circumstances, objectives and needs. You should also consider any information from or published by the company you have a creditor claim with or any appointed administrators or liquidators that may impact your unsecured creditor claim.