Guys ive been catching up with the reading of the threads and this thread in particular has thrown up great ideas. We should be receiving a notice of creditors meeting shortly as it must be convened within 5 days of appointment. Pinning the director is a difficult process, surely s588g has been contravened ie insolvent trading and there are civil and criminal penalties which can be enforced. I doubt the administrator will go to these lengths and pursue this with asic so its basically up to us s/h to voice our opinion.
A good start would be to summarise pb's history as a director in other companies which have failed. This has been discussed in the posts above. His duty of care is questionable, ie numerous announcements made to the market which were baseless, Stirling sponsorship at the races etc. Related party transactions is another possible contravention which can only be uncovered by the administrators when perusing through the books and records of the company. Lets not kid ourselves with the australian operations of sti, there will be none. Liquidation is pretty much a certainty. Mikooz im joining the s/h action group aswell. Have you guys set up a list of possible violations by management?
STI Price at posting:
0.2¢ Sentiment: None Disclosure: Held
