I agree with the need for ASIC and ASX to bail up the directors of GCN with questions. You do not need to be Einstein to come up with multiple questions about the reality of the fantastical projects that have consumed $40 million of shareholder funds over the years. For what in return? Zilch.
Which of the innumerable projects would a reasonable person think had any tangible existence? For example, IMO First Mongolian and the Jermaine Jackson music competition had facades, but no tangible existence.
The point is that these fantastical projects sucked in shareholders. Most companies win some projects and lose some. GCN has won none and lost all.
I don't agree that the wretched GCN shareholders should have their company indefinitely suspended. Let them try to salvage something by selling their shares. Anyone buying, now does so with eyes wide open - especially if they follow HotCopper.
Let ASIC in particular find out how, and by whom, this wasteland was created.
One final point. Can ASX and ASIC really persuade themselves that GCN's accounts show that it is currently trading while solvent? All those short term debts? How could GCN repay them? Would you accept Priority One shares as payment? I wouldn't.
