Simon..
I am afraid that brew would be wasted on me . I am flat out handling half a glass of wine or a schooner of beer with dinner these days . Let's say we make it Dinner and a sweets of our choice. I am particularly fond of a good light
cheese cake .
Nor .
Sorry for this late reply , but domestic issues are at the forefront of my mind these days. From memory only i think the D&O policy for MFS was worth about 20 or 30 million . Most of this money will be used in the ASIC V OCV case , Indeed when i went to the court proceedings for one day only ,the judge remarked that the case had already run to the tens of millions of dollars ,therefore he was not inclined to grant any further adjournments .So i think we can reasonably assume there would be little if any left of this money for the class action compensation against the directors and Officers(D&0) of our fund . In regards the class action there are about fifteen or so directors who are culpable in the various transgressions against our fund including the Auditor KPMG insurance .So to use a very inadequate metaphor , imagine that a policeman in the next door room hears the sound of somebody being shot to death by a pistol on numerous different occasions and erroneously assumes that these individuals are just playing with a toy gun, and so does not report the incident .Should the policeman( Auditor in this instance) be the only one to held responsible for negligence. Of course not. The primary perpetrators were the murderers . And that is what the defence is stating that all of the D&O should be held responsible for the crime. Now all of these various D&O inexplicably just happen to state they have no money . In the event if they had money it is long since gone into their wife name or various trusts . SO IMF are in a dilemma , they perceive that after blame is apportioned out to each director it simply would not be worth the risk of proceedings for the amount of compensation available. And i have no doubt whatsoever , that they are the people who had made the final decision not to proceed to a court action.
Selciper
Regarding your frustration at having to fill in these registration documents and also lack of any written information from the PIFAG . I asked why this was necessary to the Armstrong registry staff officer, and she told me that they honestly did not know why , it was simply requested by the court I actually believe this statement . This has nothing at all to do with WC . I think it has to do with certain persons who have gained control of the class action and who ,as you have remarked , have not had the decency to fully inform investors what the purpose of the information requested is to be used for.
Please do not misunderstand my position I am all for complete fairness in any class action compensation, but should not all the investors eligible for the class action ,at the very least , be informed of what calculation is to be used in this matter before signing the forms .This would allow them, to write to the Judge themselves if they have any concerns regarding the integrity of the compensation process .
Regrettably after five tears and an approximate 5 cent return the PIFAG have to accept full responsibility for the current situation because they persuaded many investors to vote for WC and the onerous resolutions, which included the placement on the NSX, which as i forecast in person at one of Jenny H seminars would prove disastrous . Some PIFAG investors have graciously apologised for that error of judgement ,whilst others have not . Frankly i do not think that certain people in the PIFAG Committee had any understanding of the vagaries and vicissitudes of a stock exchange , rights issues , manipulation trading , short selling , consolidations, front running i.e( having two centimetre thick cables connected n to an exchange so that you can know in advance what trading is going to occur on a particular stock . In any event the primary purpose of listing on any open stock exchange in 90% of cases is simply to raise capital .
Selciper, I am aware that you were one of the very few original posters on what must be an unnamed web site. You would therefore be well aware that the PIFI campaigned continuously to the effect that the average age of investors was 73 years old and that is why we stated that an Administrator or alternative RE should be brought in to dispose of the assets in a controlled and sensible manner, under great criticism and intimidation .The average age would now be 78, consequently age related illness is inevitably taking a toll . For example did you know that the famous Great Dame had terminal cancer and i believe Mary XXXXX( one of the PIFAG ardent supporters at the time) also had financial hardship and was forced to sell her units ,she too has also developed terminal cancer . One of our PIFI members whose wife had terminal pancreatic cancer immediately went out and sold one million units for 10 cents after he attended the CASCAP meeting in Brisbane , where some in- depth questions were asked by myself and xxxxxxxx, the answers to which left me shocked to the core . One of the question i recall was that a development and sale strategy of the remaining assets would take at least ten years ,to which i received a stony silence ,and which was not challenged in any way . Another was could we remain on the NSX ? . Answer Yes! and there could be a Rights Issue.! Since there were only about ten people at this amateurish attempt at an information seminar, six if whom were PIFI members and another taking notes , probably a WC staff member I am quite prepared to test any of the above statements in a court of law . As i have stated we are all unaware of the metric that is being used to calculate the compensation , but if it penalises people who were forced to sell on the NSX through sickness or financial hardship a great injustice is being wrought in this tragic situation. By the way i am attending a seminar on international trading manipulation on September 30th in Brisbane given by four professors with the former president of the Australian Investor Association . I suggest that if you think any of my remarks on stock exchange manipulation are exaggerated that you also attend . The ticket price is $25 at Customs House Queens St.
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