"WC may well just outsource all of the remaining asset sales to...

"WC may well just outsource all of the remaining asset sales to ARL or some other organisation while remaining nominally in control of the PIF."

Agree with you Jadel.

This last 6 months the Federal Court and ASIC have held, at our expense of course, is that WC can do whatever WC wants with our assets, but WC cannot assign ownership of the ARL shares to us unit holders in exchange for our units. I.e. cash is a "distribution" and ARL shares are not a "distribution".

There is absolutely nothing stopping WC selling the rest of the assets to ARL. Then PIF's only assets would be a bunch of ARL shares.

We're stuck with ARL as well as for now. Technically not a bad thing. But with cynical/greedy/sociopathic people running them: a nightmare.

The ARL shares remain trapped in PIF.

The spectacle this last week could just have been Hutson's WC making a hatchet job of the paperwork for winding up the fund. At our expense of course.

According to the PIF constitution (Section 26) and Section 601NC of the Corporations Act we don't even HAVE to have a meeting to wind up the fund.

WC just needs to give notice under S601NC of the Corp Act. Who's going to call a meeting to stop WC winding up PIF? To sack WC and take control of a windup? Anyone of us could have done that long ago.

(http://www.comlaw.gov.au/Details/C2013C00003/Html/Volume_3#_Toc344126381)

My understanding is that Hutson's WC doesn't need to go to the High Court. WC just needs us to vote on a share-for-unit swap. Which is what WC tried to do last week. But WC Hutson's WC tried to wind up the fund at the same time. And then stuffed that part of the meeting up.

Seems to me there is little to prevent WC transferring all assets to ARL and winding up the fund. Except for the damage this will likely do to WC and Hutson's reputations.

My guess is the only diligent work by her legal team is for a stratagem to spin this all so it looks like Hutson's WC got more for our assets than they actually will. WC is trying to shift blame for losses onto ARL.

We all unfortunately put our $ into PIF in the first place. Then we unfortunately voted for WC in 2008. It was all but game ove when Dowsett ruled in favour of ~150 unit holdings (i.e. not necessarily unit holders) that may or may not have received the Castlereagh/PIFAG notice of meeting in 2011.

Now it looks like there's only a little over 5c per unit left. It's all but gone. We're in the last 5 minutes of the last quarter and I'm surrounded by the fellow unit holders who cruised through the game now wanting to sit down on the field and get absolutely annihilated.

I'm wondering if I'll live to regret not jumping the fence to join the legions of Australians making a killing by duping muppet Australian investors.

I'm not a lawyer and this is not legal advice. Please anyone correct me if I'm wrong.