The better question is will there be anything left to sue for?...

The better question is will there be anything left to sue for? Grounds or no grounds for a case it's not like there's a trustee accountable, there's no parent company to rake in the cash from, and the directors - if they're half as smart as you'd have to think they are - will have most (read ALL) of their assets in either nominee accounts or Family Trusts. Linc's assets are all there is to sell. What are they worth to to the firesale market and how much of that is then earmarked to shareholders? (In the last set of financials that number was something like $0.25, but then the Company issued a ton more shares).

I'm not a lawyer either but I can tell you one thing, when they get involved they'll likely be the biggest winners!