THe AFR quoted Morison saying "when the Water Fund was hit with redemptions in April and May these were met with cash reserves previously held in the fund awaiting deployment, and capital inflows from progressive drawdowns from institutions."
Ashton then stated:
"Kimbo, yours is not a denial of a Ponzi scheme, it is the description of one. The US Securities and Exchange Commission defines a Ponzi as a business model whereby "the payment of purported returns to existing investors [is] from funds contributed by new investors." Tick."
Still sure they should sue?
THe AFR quoted Morison saying "when the Water Fund was hit with...
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