the following is my understanding:
1. the unsecured creditors could be those suppliers, such as office supplies vendors, office cleaners and former BNB staff. They were not fully paid out before the company went into voluntary administration.
2. The law firm who started these lawsuits tried to use that tactics to force the liquidator to compromise so that a out-of-court settlement could be offered. Even the cases settled for a few millions, half of a few millions would have been a big amount to individual persons. IMHO, most of the shareholders joining these lawsuits were used. From the latest liquidator's report to creditors, you can see many of those shareholders have backed out.
Just my opinions. No insider information obtained. So, any comments are welcome.
BNB Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
