Ann: Legal Update on Singapore High Court Action, page-87

gonnfishing

you would have expected a settlement would have been the practical way to go, but you have to consider the tactics thus far have been less than logical, not sure how these guys are advised, but either advised or not, the logic of a situation were you are forcing an asx listed company to litigate a $150 mill damages claim against you, consenting to judgement, then facing bankruptcy in singapore is pretty much inexpiable..

they would well know the further you wait, the tighter the noose and the less negotiation room the directors have, once you have got a damages claim its near impossible to expect the shareholders to accept any dilution, so you would expect shares to be off the table and now a damages claim is won, you cant expect shareholders to endorse a EGM where a share distribution is voted in, so the longer one waits, the harder it is to expect anything but full recovery of the entire damages sum.

imho, prior to any bankruptcy process commencing, the best you could do is negotiate a cash settlement, perhaps at a reduced sum from the AUD$40 mill..
once your in bankruptcy processes you have no way of doing any of that, the shareholders can only expect that every possible cent that can be recovered will be...
how strong the desire for all three to be bankrupted is will become evident in a very short period of time imho..
i would expect all shareholders agree that this should not be delayed and done immediately.