octaviar directors face 80mill class action, page-2

I am not particularly interested in this avenueof action but note the following from the crumbs of information given.
"A CLASS action against former directors of embattled Gold Coast company Octaviar is seeking $80 million in damages, and counting." taken from the article above....

Combine the information given on page 2 OCV ASX ann dated 22.8.8 which states that Muarice Blackburn represent...
FORMER and present OCV shareholders.

Former shareholders ??? Could that mean those that had Margined their holdings and subsequently lost them?
ie Directors past and present??

Would they be obliged to disclose such action?
I suppose ex directors would not be bound ?

Certainly an incentive to take whatever deals offered to noteholders or possibly lose more through litigation?,imo.