refugee, I would agree that its likely some larger shareholders have indicated to IMF that they are not happy campers.
IMF would then have their legal people troll through the public documents in detail. Such advisers are obviously saying their is a prima facie case and hence the announcement.
Once a commercial number of shareholders by value have signed up (IMF will put together a info pack pronto for those wanting more detail on possible participation in the class action), I imagine in the new year their will be discussions between shareholders legal team and OZL management (assuming OZL survive the financing issue) on the way forward. It could be contested and drawn out like Arisocrat, or less adversial, like in the case of Downer (the later was setlled within 18 months). In any case, in 2009 there will be a lot of scrutinising of documents and other evidence that is not currently in the public domain.
IMF do have a good track record, but sometimes they will discontinue a case if they feel the evidence as it comes to light is not favourable to the action involved.
angus
I hold IMF
OZL Price at posting:
$5.50 Sentiment: None Disclosure: Not Held
