This is a posting by Slim Pickens and the reply and the only one...

This is a posting by Slim Pickens and the reply and the only one by David Mond himself,at the risk of repeating this posting it is worthwhile avenue to explore IMO

I am sure some readers would remember it.At this point the investors lined up for BAB and the money that has been ripped off,it is in my opinion late for some one to approach David,remember he was open and correct and jammed Rhodes as soon as they tried to rip us,I think it still has legs and nothing ventured nothing gained
quoting-:

Re: GTP - Great Southern Plantations
Originally Posted by slim pickins
I have just talked to my lawyer, and i am trying to organise a court injunction to prevent this vote taking place next month.

in case the injunction is unsussessful, i suggest any investor in MIS that is unhappy with this arrangement contact me to organise a massive damages claim against the company.

i think there might be an action in tort law against GTP. they owed a duty of care to the MIS investors and their actions resulted in our loss.... or will result in our loss.

the aftermaket purchase of woodlots does exist it seems. they are probably being bought up by subsidiaries of GTP in order to influence the vote. that could be their ace up their sleve.

the analogy of a bank forcing deposit holders to convert deposits into shares seems pretty accurate. totally absurd. i cant belive the press hasnt got a hold of this.

to people planning to vote..... if our trees get converted into these worthless shares noone will ever buy another woodlot again and this company will be gone very very soon.

P.S. anyone that wants to buy my woodlots is welcome to do so. any information on any company that wants them would be greatly appreciated.

please Prvate message me if you are interested in joining me in lodging a court injunction.




Dear friend,

I am the Principal of David Mond & Associates.I spoke out against the proposal at the Melbourne meeting.Our accounting firm's clients has around $2m invested in woodlotas via myself and clients.

I am also director and part owner of Recoveries Corporation and my partner Leon Sholl is an investor and solicitor director of Rec Corp and the company also owns Mason black Lawyers,litigation specialists.
We are very keen to issue injunction proceedings this week. We are sending a letter to Cameron Rhodes to that effect tomorrow.

We need to harness all forces to unite in this purpose as it will minimize shared costs and provide substantial strength against Great Southern and its directors and advisors.
There also a number of Financial advisors who no doubt wish to participate in this application.

The issues before a court include:
1. This proposal is in contravention of the contract entered into by plantation owners with Great Southern."There are currently no provisions in the Project Constitution or the Corporations Act to allow the exchange of interests by all Project Investors in the 2002 (read same for all years) Project for GSL shares." page 4 Explanatory memorandum
2. There are loans outstanding against the plantation assets.These loans are based on the contract between great southern and the plantation owners as tree owners and not substituting shares for trees.Changing the underlying asset affects the loan agreement.
3.The tax payable on the shares brings forward any liability by 3-6 years.
4. There is no cash with the offer to pay back loans and the tax liability.
5. If we do nothing " your woodlots will be automatically acquired by a GSL group company" page 4 explanatory memorandum.
5. The plantations are the property of the investors. GSL has large debts to financial lenders and they are preferential secured creditors. On liquidaqtion,the shareholders would get nothing.
6. Given the current economic crisis,many investors will be forced to sell the shares to repay the debt and pay the tax.The share price will go to nothing and they will lose the asset of trees and be left with debts.
7.The plantation investors were never consulted prior to issuing the scheme proposal.Steven Cole says he recommends the offer in the absence of a superior proposal.
8.Mr. Steven Cole cannot in our view be considered to be an independant person as a Director of GSMAL.He and his 2 "independant" collegues sit with Mr. Rhodes and another director of GSP on the GSMAL board.Their fees come from Great Southern. The plantation investors have no representation.Mr. Cole and others at GSMAL have, we say,breached their fiduciary duty of care to the tree owners.
9.,Mr Duncan Calder of KPMG and KPMG have failed in their duty of care to plantation investors.
10.The offer was amended as the first offer was commercially a rip-off. Our view is that nothing has changed.