In the event that the class action is successful but GTP is in liquidation, the successful class action group can file with the Liquidator or alternatively, seek redress against the directors and officers liability insurance policy.
As an aside, the leases remain in place so long as there is a responsible entity there or a new one is appointed. This means that the Liquidator can only sell the land subject to the leases and can not call upon the growers to remove the trees. This position can be leveraged into a very strong position if carefully handled. You have also got to believe the valuations in the balance sheet of GTP to feel comforted that assets well exceed liabilities. If this turns out not to be the case, the directors may have a separate case to answer. Happy Christmas everyone !
GTP Price at posting:
18.0¢ Sentiment: Hold Disclosure: Held
