Re: Brisconnections shareholders - financial ruin
Hopefully I've stimulated you into thinking about what you might be able to do to lessen your exposure.
Good Luck
Sir O
Sir O, thanks for your comments. I appreciate that you can't actually offer advice, but I suspect that the people affected here, especially Bushie, are probably too upset and stressed to easily follow the advice in your last sentence.
Can you offer them some clues as to anything they may legitimately do at this stage?
So that we can get back on track again I am attempting to upload a 6 page 'fact sheet' that we received from BCS dated 9th Dec outlining exactly what they intend to do to us & its gruesome path. This is so wrong - it sounds like it has been choriographed well in advance.
Bushie, it will indeed have been 'choreographed in advance'. In taking the project to the market every contingency will have been considered, as you would expect.
I appreciate that in your situation it's immensely difficult to look at the situation objectively, but if you were able to, then I'd guess you'd find it difficult to come up with a different scenario from the point of view of Brisconnections and the underwriters. The project is going ahead, apparently successfully, and the funding for its next stages has to come from somewhere.
Bushie, Rocket, Thermal etc. - what steps have been taken so far in relation to this?
Has anyone engaged or spoken to a lawyer/barrister well versed in corporate/contract law? Also I've seen Rocket mention the ASA - have they started to put together a list of people affected - are they helping to facilitate any action?
What does ASIC say about the whole thing? Also has anyone been in touch with their local federal member (and state member if from QLD)?
Yes, I've also been hoping to hear from some of the affected people what legal advice they have received.
It might also be worth trying to engage a PR company or speak to some journalists and see if any are interested in running the story. Based on some of the things I've seen from looking through the announcements I would have thought there would be a variety of angles for a journalist to explore.
I have earlier today sent a synopsis to a Courier Mail journalist with whom I've had prior contact on another matter with the suggestion that she look into doing a detailed story on this. The 7.30 Report have already done this some weeks ago.
Similarly from a legal perspective I would expect the right sort of lawyer/barrister would see some different potential avenues to explore as well.
I'd be interested to know if there is in fact anything available in a legal sense.
I'd have thought Macquarie et al would have been pretty sure to have had all the appropriate legal rulers run over it before it went out to the market.
One thing of interest in that letter you mention bushie (I found it on the asx site) is that the letter mentions a 6 month period they are required to pursue the funds for - maybe by bringing an action to contest the legality of the contract it might be possible to stall any creditors/debt collection process long enough for this period to expire? (I'm not a lawyer of course, these are just ideas, none of them may have merit).
It would also be worthwhile speaking to a bankruptcy lawyer because they may be able to advise of legal means to protect assets. Also when does the liability actually get incurred? It is possible the liability may not actually exist until the record date has passed - in which case it may actually be legal to transfer your assets to a trusted party prior to that date, or transfer the shares prior to that date without repercussions - again I have no idea, I'm not a lawyer - but I'd be pursuing anything and everything were I in the situation.
For example you don't want to find out after the fact that you should have sent a letter or commenced some type of legal action prior to the record date that could have protected yourself. There may be things from a legal perspective that can be done prior to the record date or the call notice date that can't be pursued after that date.
Also if you can get some shareholders together you might be able to pool funds for a good barrister/lawyer - and you may also possibly be able to get a meeting facilitated between yourselves and BCS and/or MQG to try to work out a compromise thats acceptable etc.
You've probably thought of most of these things and a million more but just in case I thought it doesn't hurt to mention them.
All good points, Cuttlefish. What does your legal adviser say about all the above Rocket, Thermalmonster, Bushie and anyone else who is involved?
If you don't have answers to the points Cuttlefish has raised, I'd suggest you get on with getting them as quickly as possible.
Dealing with such as Macquarie is not for amateurs or the ill informed.