My 2c worth! The fact that 58% of shareholders voted to risk all...

My 2c worth!

The fact that 58% of shareholders voted to risk all in the almost inevitable voluntary administration is quite remarkable. It says something about the quality of the Seven takeover and indeed, perhaps more importantly, the manner in which it has been done which is perceived as decidedly underhand and unethical by most shareholders. So much for Mr. Nice Guy Stokes!

I would doubt that it can be shown to be illegal as you would expect them to be clever enough to cover their backsides in what counts - paperwork, but you never know. I would sincerely hope that ASIC will scrutinise this more closely now and that the administrators who are appointed will bring all internal documentation from both parties into the public arena in regard to actions of the board in the last year.

I would think it will now take quite some time for anything to be settled for shareholders. Besides sorting out and disposing of assets, there is the Sedco claim which will need to be dealt with by the administrators also which might involve some prolonged legal action. The best we can hope for is that the administrator will be able to get a more realistic return on all or some of the assets if any other parties can be found to be interested in them in order to pay off Seven and shoosh them off and maybe leave something for holders. I don't relish them now getting the lot for 0c, which we must prepare for as a possibility and would rather see another company get them, even if no better return on my shares. I find it very hard to believe that 2% of Crux was worth $75mil not so long ago and now 15% is not even considered sufficient to pay off the debt of a bit more than twice that. Who was kidding who? (the second who is us I think!).

I look forward to further information from the Battle Team over the next few weeks.