Originally posted by coppernoob
Class actions are NOT against companies, they are against current AND PAST directors. Individually and collectively. Some of those you would expect would be very wealthy individuals, especially MO, however history has shown that if people are involved in dodgy dealings (and I am not making accusations) they move all their assets into other people's names, so there is nothing to take.
Sadly you are right, ASIC will do SFA. ACCC will do SFA.
If fraud can be proved, many individuals could lose their assets under "proceeds of crime", if they haven't already put them in other names. However, I think the proceeds of crime would go into general revenue, and shareholders would get zilch anyway.
If CCE hits the dirt, shareholders are unlikely to get anything.
IMO there are only 2 possibilities for us to get something back.
1) Takeover.
2) Hire experienced people to turn the business around (payment by results). Don't hold your breath, even if someone were brave enough to take it on, I would expect it to take several years to get on track to profitability.
If I sell now I definitely lose more than 92% of my investment. Gone! If I hold I may lose 100%, or I may get something back. I'm holding. It's a gamble. The only consolation so far is that far smarter people than me, including governments (Oh, did I just contradict myself?) have ended up in the same predicament.
Again I concur, an expensive education experience. (If you think education is expensive, try ignorance).
Just because governments invest taxpayers' money into a project, that does not make it a good investment.
What do you reckon claiming it on tax as a self education expense?
