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FGE - Forge Group

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what sort of money can you get out of law suite from a collapsed company? they ain't got any cash
just more money to the lawyers unless it is a no win no fee then you got nothing to lose.

I wouldn't put more money into chasing a law suite.
 
Klogg said:
Why are shareholders who purchased after 1 January 2013 eligible?
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because it may related to announcement and revise forecast made during that period and people based their buying decision with those announcement ..those who had before those announcement made their decision based on other information.

it usually all come down to what they said in the announcement and what actually happen.
 
ROE said:
because it may related to announcement and revise forecast made during that period and people based their buying decision with those announcement ..those who had before those announcement made their decision based on other information.

it usually all come down to what they said in the announcement and what actually happen.
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Ah, that makes sense - Thanks.

And I agree - not quite sure what they're going to get out of a company with no equity and the directors who probably moved their assets to other entities in order to pre-empt such a law suit.
 
Klogg said:
Ah, that makes sense - Thanks.

And I agree - not quite sure what they're going to get out of a company with no equity and the directors who probably moved their assets to other entities in order to pre-empt such a law suit.
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Directors have insurance. I have no idea what the scope etc of those insurance policies is.

IIRC, Harris Scarfe had a class action against it, so did HIH and OneTel. Not sure what the outcome of those suits was though.

IMF are smart enough operators that they won't proceed unless they know at the least there is someone who can pay.
 
ROE said:
what sort of money can you get out of law suite from a collapsed company? they ain't got any cash
just more money to the lawyers unless it is a no win no fee then you got nothing to lose.

I wouldn't put more money into chasing a law suite.
Click to expand...

It's no win no fee. A lot of the damages will end up being eaten by IMF if you win but they take on all the risk.

A legal action can be taken against the directors in their own name in some circumstances. Its called lifting the corporate veil. There may also be insurance that can pay as well.
 
McLovin said:
Directors have insurance. I have no idea what the scope etc of those insurance policies is.

IIRC, Harris Scarfe had a class action against it, so did HIH and OneTel. Not sure what the outcome of those suits was though.

IMF are smart enough operators that they won't proceed unless they know at the least there is someone who can pay.
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Interesting, because I've never considered that directors of public companies have insurance. The no win no pay nature of this sort of litigation makes sense then. No win no pay litigation generally involves claims against insured defendants.

You can register your interest at the Bentham IMF site:
http://www.imf.com.au/cases/information-packs
 
tinhat said:
Interesting, because I've never considered that directors of public companies have insurance. The no win no pay nature of this sort of litigation makes sense then. No win no pay litigation generally involves claims against insured defendants.

You can register your interest at the Bentham IMF site:
http://www.imf.com.au/cases/information-packs
Click to expand...

Oh absolutely. Directors take on huge personal liability, so essentially have to have directors' insurance. Should be an interesting one for IMF (which I happily hold). No win no pay is common in class actions (otherwise you'd rarely get people bothering to pursue relatively small individual claims - even if the overall claim might be huge), and yes - the funder generally does pretty well in the event of success.

The last 5 or so pages of this thread are a fantastic learning tool. Thanks everyone for the great analyses of how this could have been spotted earlier. Will go over this with interest in more depth when I get the time. It could save a lot of people a lot of money in the future.
 
Apokolips said:
Lost $6,000 on this. Sold most of my FGE prior to collapse. Worth getting in on lawsuit?
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Was it a secret Buy :D ... Read the law suit, they only target a certain date so if you bought during those date
you got nothing to lose to join, people like IMF will fund the case and if they win they take certain % of the win the rest distribute to people who registered.
 

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