forge group shareholders threaten legal action

I guess BT could be the driver of the class action against Forge.
Is anyone aware of any list, site or group that may have already formed to start the CA.
The reality of the recent loss has finally hit home for me.

I read that the Directors need to hold insurance, does anyone know what insurance amount directors would need to maintain?

Afr.com

Investors in the collapsed mining services firm Forge Group are threatening legal action, alleging management’s recent earnings assessments were over-optimistic.

Shares in the company were suspended on Wednesday as the sharp slowdown in the mining investment boom claimed another victim. Forge’s stock has dived 78 per cent since November as the deteriorating conditions finally took their toll.

But several domestic and international institutional investors are livid at the turn of events, as many had bought in off the back of Forge’s 2013 half-year commentary.

Paul Hannan, at BT, is said to be among the group of disgruntled stakeholders.

Forge’s accumulated debts are pegged at about $500 million, with creditors expected to face a shortfall. ANZ is the largest single creditor with an estimated $200 million exposure.

The bank replaced National Australia Bank as Forge’s main lender in mid-2013.

ANZ extended Forge an additional $11 million line of credit in the past fortnight, which was being used to pay Forge employees and for other working capital expenses.

But the support was conditional on Forge finding an equity backer. The company had adviser Euroz on the search for a white knight investor.

On Thursday, 1300 Forge employees were retrenched after the principals of the construction jobs exercised contractual rights they claimed on the projects. Insolvency firm Ferrier Hodgson was appointed as voluntary administrator on Tuesday.