I am sorry you lost money moodi blu but I do not believe there are any grounds for a class action against the Directors of BB and if in the unlikely event Slater and Gordon or other compensation lawyers who take on these cases on a no win no fees basis will make absolutely certain there is some likelihood of a win. The onus is on the litigant to prove neglect, fraud, improper actions that caused losses, the defendants are not required to confirm any claims or accept any responsibility and any country bumpkin lawyer from out in the sticks could have it thrown out in an instant and the bong have access to the best silks and corporate lawyers in the country. There is no hard evidence of any wrongdoing and the simple answer to any pressing questions is simply ...In hindsight it appears they may have made some errors of judgement. Without access to a crystal ball to see into the future they could not have reasonably predicted the GFC and its effects on revenues worldwide. The prices they paid at the time for acquisitions were considered reasonable and they could not anticipate a diminution in the values of certain brands and goodwill. As many of the former board members made those investment decisions it would be time to bring out the Alan Bond defence...I cannot recall that....or the Solomon Lew Yannan defence....it's such a small amount in comparison to the groups total assets and revenues it is of minor significance... They are enshrined in precedent and brilliant defence mechanisms and its only billabong so ASIC wont even be remotely interested...not like its another Christopher Skase.....its billabong a surf and skate outfit. That is the reality of it all....no easy money coming that way. Billabong either trades out of it and the share price picks up, the Vulture funds pull the pin and step in and break it up or it falls over....thems the options.
BBG Price at posting:
19.1¢ Sentiment: None Disclosure: Not Held
