where is the money

In an announcement dated 16/11/2012 released by Greg Lee, it stated that Skytrax P/L have pulled out of their underwriting obligations, and Skye Equity have taken over the underwriting for the amount of $1,000,000.

Greg Lee also stated that Skye Equity intends to arrange applications for up to $500,000 under its underwriting commitments within 7 days, and the remaining $500,000 within 3 months of the closing date (7/11/2012) under the company's 15% placement capacity.

Again on 28/11/2012, Greg Lee stated Skye Equity placed $500,000 and has committed to place an additional $500,000 within 3 months of the closing date of the offer document.

To date, there has been no announcement by Greg Lee about Skye Equity's commitment to the amount of $500,000, as this amount was due by 6/2/2013.

I have twice written to Greg lee, and phoned him on 2 occasion (left him messages to phone me back) without any success.

Consequently, I have written to the ASX to investigate this matter.