ERG Class Action Research Report 1 [2][[True Story Behind ERG...

ERG Class Action Research Report 1 [2]
[[True Story Behind ERG Restructure]]
Why ERG just died at its peak income time? Because it is the time for all big boys to finally grab all cash from shareholders. Just at nearly finish the Sydney T-Card project , NSW govt terminated it. With this as a only excuse, No.1 Director, Duncan transferred all ERG assets to himself private company VIX. They did as a vulture fund, killed the company, then separate the body to eat, the details following:
1. A few years ago, Duncan and his Ingot Capital Management P/L, Untilico Fund lend $85 million to ERG, then controlled ERG, never return the loan to charge 10% interest , even if when ERG have turned around and got positive cash flow for 9 months since May 2008.
2. When major projects nearly finish, they paused it and did not charge customers even if jobs completed 99%, but increased cost and unnecessary loan of $15 millions, increase to 110 millions, to made a false negative balance sheets. Then by forcing to return the loan, they put ERG in insolvency position.
3. Before vote, they hide ERG true value by deliberately avoid ERG peak income period of 1/7/2008~1/7/2009 in the vote document A1.
4. By selective issuing news and utilized the crisis and T/card fail ---- hide good news, no on ASX, issued bad news at every market heavy fall dates, to destroy shareholders confidence, then manipulated share price to very low, from 0.36 to 0.002. So that cause most of small holders dump valueless ERG shares and gave up votes (88%).
5. So that, allow their relatives to bought enough shares at very low prices for voting [Yes] to kill ERG. Plus some underlie trading or agreement with a few big shareholders. Only 12.22% voted [Yes], then they passed the restructure voting and transfer all assets to self.
6. After transfer assets, true value immediately appear from All USA projects finished, and sold USA assets to Cubic. VIX ERG admitted with strong financial base on 19/10/2009.