so that clears things up, page-42

For those interested in joining the shareholder's legal action, tomorrow morning I'll be consulting with the very best legal counsel in the field to determine how we get the best bang for our buck.

The action will be expensive, as we'll definitely be engaging Special Council (aka a Silk).

It's always best to go for the softest targets, as long as they are answerable and have funds to cover any judgment. Fortuitously, this is likely to be the case here.

The action will not be against TZ, but its directors - as per TZ's current ASX disclosures, John Falconer and Michael Otten.

The action will likely focus on dereliction of fiduciary duty; taking actions such as today's share placement without a properly constituted Board; failure to respond to requests to disclose details of sundry debtors; and failure to explain the reasons for the QVT interest payment default and why this was not announced to the ASX back in Feb-09; and a number of other matters.

And the Director's defence will need to be funded from their own pockets, not TZ's (ie our) money. I doubt that director's liability insurance (if they have it) will cover this, as it generally does not cover this type of issue.