Wang, technically Bolton would be liable as a director of the...

Wang, technically Bolton would be liable as a director of the ASI company for several things under the ASIC, namely making a decision to the detriment of the Company and, technically, trading while insolvent. As Brian Frith said, Brisconnections attempted to argue this point itself in court by saying they didn't have to accept Bolton's request for a EGM because ASI was insolvent: link. Frith also details the poor disclosure by BCS in the portfolio - happy news for Bolton who can, secondhand, now claim compo for any losses (ie: 2x $94M). If he can win the case.

These obligations are obligations on all directors, so one has to ask whether this can also then be turned around on the management of BCS who haven't offered a share buyback to mop up the panicking holders. Hell, if the market cap of the company at 0.1c is $390K then BCS can spend about 75% of that and clean up the retail holders.

This would then allow Maccas and its cohorts to own, collectively, 60/20/20% of the remaining shares. They could then recapitalise the thing, vote to scrap the contributions or do whatever. Everyone would win.

BCS's management are absolute unparalleled dunderheads and douchedonkeys. Why they have persisted in forcing the retail holders to pay when they know they can't is unbelievable.

The conduct of Macquarie isn't going to win it friends in court. Sell out your 15%, and then buy it back to influence a vote. This is hardly reputable.

Wow. The chortling that is going on in the Blythefan household is loud and raucous.