Hi “LisyLoo”, welcome to the thread..
It appears that Hall Chadwick are doing are far better job in terms of pursuing money for investors than BDO. The results are on the board in terms of their willingness to litigate the former directors and auditors.
Their current litigation against former lawyer and director David Tucker, his partner Richard Cowan and former CEO David Kennedy for $17.5M is further evidence they don’t shy away from pursuing those alleged of wrongdoing.
Subject to court approval of the settlement with professional indemnity insurers of KPMG and Equititrust, there will be a further return at some point. How much is yet to be determined, as the settlement agreement is confidential at this stage and suppression of the documents has been requested as part of the court approval of the agreement.
After all the costs and further wrangling with BDO, I wouldn’t hold out much hope of a substantial further return.
In terms of transparency and managing conflicts of interests to date Hall Chadwick have run rings around BDO. I didn’t think so at first, primarily because they were initially appointed as administrators by Mark McIvor, but Hall Chadwick have proven to be on the right side of history in this saga. BDO have on the other hand have been a utter disappointment. Initially I thought they were on the side of investors, however when I discovered they were using Tucker & Cowan I was appalled.
BDO’s use of Tucker & Cowan and then saying it was in the investor’s best interests is a disgrace and slap in the face of every investor.
Facebook showed that both David Whyte and his wife were “Facebook” friends with David Tucker.
There were even meetings where David Tuckers Super fund, which was invested in Equititrust was discussed with BDO and then put into the monthly billing by BDO. How on earth is this acceptable. The billing needs to be independently audited and all inappropriate amounts which were conflicted need to be returned to investors by BDO.
Hope this helps.
We are the children of an Investor who, like many, lost our inheritances.....we keep getting letters from Hall and Chadwick but so full of legalese I hate to admit I have no idea whats going on?
It seems to me, simplistically, that David Whyte bills and awful lot and gets very little results. Is this a huge lawyers and administrators move just to eat everything up?
What is this latest action designed to do?
Is there any light of any further return?
So sorry to ask.