what a debacle

I held MSC shares for over 3 years up until last year's AGM (August if memory serves) which I attended and asked a few pointed questions of the CEO and Board.

I was so utterly disgusted by what I heard and the evasive responses, that I immediately dumped my stock and took about an 80% loss. Better that than about a 99.9999% loss had I held on to this point, and most probably 100% now that the VA has been called in.

What will most likely happen now is that the VA will appoint a Receiver or Liquidator to take control of the (so called) assets of the company and recoup whatever is possible. Having seen how those guys work, you can bet there will be sod all left.

Creditors (if any) will get peanuts (years down the track)
Debenture holders - Buckleys chance of anything
Shareholders - Fahgedaboudit!

I was going to get a mate who still held some stock to give me his proxy at the next AGM, so I could attend and tell Vic and the directors what I thought of them, sadly I won't get that chance now.

The real shame of this is that ASIC won't give a hoot about this complete rort, it's just another in a long line of company's designed to mine shareholder wealth.

Far from doing a custodial stretch, I doubt they will even disqualify Vic from being a company director again, which is the least they could do.

I for one will run screaming from any entity that has Vic Alexander associated with it.

To those still holding, I genuinely wish you luck with this, but sadly, I think the die is now cast.