I wonder if this has relevance and sets a precedence re: the BS...

I wonder if this has relevance and sets a precedence re: the BS NASDAQ pipedream we were all fed..."with absolutely no customers and no business"


"The company's Managing Director, Hugh McLernon, says his firm will allege Firepower handled its money inappropriately.

"[The company] was supposedly about to be listed, but couldn't possibly have been listed."


http://www.abc.net.au/news/stories/2009/06/03/2588212.htm?section=justin


A Perth-based litigation funder has launched legal action to recover millions of dollars lost in the failed fuel technology company Firepower.

IMF represents 79 investors and hopes to recover $40 million.

More than 1,200 shareholders natiowide are believed to have sunk up to $100 million into Firepower, which promoted a fuel additive designed to reduce vehicle emissions.

IMF says it will be targeting lawyers, advisers and share sellers who recommended Firepower shares.

The company's Managing Director, Hugh McLernon, says his firm will allege Firepower handled its money inappropriately.

"The shares were in a company which had no assets, no business, no prospects," he said.

"[The company] was supposedly about to be listed, but couldn't possibly have been listed."

The first case is seeking $5 million from lawyer and former West Australian police minister, Gordon Hill, for breach of trust in relation to 88 transactions handled by his now-defunct law firm.

Mr Hill could not be contacted for comment.