It would have been more viable at the time to take legal action...

It would have been more viable at the time to take legal action when they announced the rights issue because one of the announcements someone posted on here had the company stating there would be no further dilution or something to that affect with the 200m LOC. Don't quote me on exact words, as I don't have announcement to look at.

It's more about having enough holders to make it viable . When you have the two major holders, holding something like 70% at the time ,unless you have them on board, it will not be worth a litigation company taking action because of the cost involved with them putting money upfront to take the case on and when their profit would be very small with the remaining share holders being around 30% in best case scenario . It probably more like 15% rather then 30% because some would have sold out and claimed tax loss and some would have no material impact on the decision because of when they bought, so best case, hypothetical situation, the litigation company would be working for around 15% of holders if they all put their name down and were impacted by the announcements. When you loo at what percentage of shares the 15% hold, you can see why, it would not be a viable situation but @tonyd seems to have a different take on it them me, so I look forward to his explanation.

You are right @ThePiedPiper about many instances on the asx and little recourse, that is because many think having a big player on the register or one that is tightly held with large holdings is a good thing but in reality, any major investment in a company from an overseas investment, is not going to take legal action against itself, so shareholders have no recourse.

Sometimes your better off selling for a big loss, learning a lesson, don't fall in love with a stock, never believe what comes out in a announcement will actually happen and move on and have closure, rather then wait, hope and pray for a miracle. Not a easy lesson when we deal with our own money but one we all learn the hard way.

The above is my take on the situation and not legal or financial advice or in anyway criticism of management past or present . It is my personal view and understanding of the situation.

Good luck everyone