Punishment, the only way in the immediate time that is slipping...

Punishment, the only way in the immediate time that is slipping by is get to the media and get people ringing madly to get what Croft wrote. In essence it could put another twist in your favour ---- remote as it seems, --- BUT considering people losing their homes and super for this Ponzi that was sanctioned right up to the end in the tree schemes by the taxation department,plus the fact the former director of  Adelaide bank that gave the WHOLE sale loan to Great southern finance has been obviously overlooked.

For other readers did John Young sell the loan book to Bendigo at a discount?

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You don't seem to smiling now John Carlton Young aaand how you have aged, by the way John Carlton Young how is Vault Finance going in WA,and what's your son Arron and your wife Shelia with Cameron Rhode's at the vineyard at Margaret River?

I also see that Great Southern sold its share in a winery in Victoria to a former ASIC boss called Mr Tony D'Aloisio

ASIC weighs in on Great Southern stoush

Business
Date
October 27, 2014

Against the judgment being published: Great Southern forestry founder John Young. Photo: Jesse Marlow
The corporate watchdog will scrutinise the $23 million settlement between investors in the failed Great Southern and Bendigo and Adelaide Bank, if it is approved, to make sure it is fair to all investors.
Victorian Supreme Court justice James Judd granted the Australian Securities and Investments Commission leave to appear as a "friend of the court" on Monday.
It was asked to intervene by the Senate economics and legislation committee last week, which has been "inundated" with submissions from Great Southern investors protesting against the settlement.
ASIC said the court will ultimately decide whether to approve the settlement, but it can lodge an objection if it thinks it is not fair to all investors.
"ASIC's primary consideration for such a scheme is to ensure that investors are treated fairly and are not deprived of benefits or protections," it said in a statement.
"ASIC will consider whether all investors have been treated equally among each other and whether any investors have been disadvantaged."
Justice Judd said during the first approval hearing on Monday he did not think he could make a fair and reasonable decision knowing the full verdict on the case "was locked away in a cupboard somewhere".
"It makes me feel very uncomfortable," he said.
Justice Clyde Croft was due to give his verdict after eight months of hearings on July 25, but the settlement two days earlier stopped him from publishing it.
The settlement between 2000 clients of Macpherson + Kelley Lawyers is binding on about 47,000 investors in Great Southern, which put about $1.8 billion of their money into various agricultural ventures, including tree and olive plantations, vineyards and cattle before it collapsed owing $800 million in May 2009.
Under the deal, $20.25 million would go to the clients of M+K and $3.55 million to the rest of the investors. More than $320 million in loans to Bendigo Bank and Javelin Asset Management would be declared payable within 30 days.
Bendigo Bank has offered to assist borrowers to repay their loans if they are having difficulty.
Lawyers for the bank, liquidators and executive directors of Great Southern argued against the release of the judgment.
Counsel for Bendigo Bank, Philip Crutchfield, QC, said the parties would be on a "slippery slope to nowhere" if a settlement was quashed.
"The parties wish to settle. [They] wish to settle without a judgment," he said.
Lawyers representing executive directors of Great Southern, including founder John Young, said they were against the judgment being published and would join Bendigo Bank in appealing if necessary.
"There are potentially legal and reputational [risks] with which we are concerned," lawyer Andrew McClelland said.
In response to claims that the directors had "skin in the game", counsel for investors, Garry Bigmore, QC, said his clients "also have skin in the game" in the form of "tens of millions of dollars in debt".
Justice Judd said the court could either publish the judgment or circulate it confidentially among the parties.
The hearing coincided with Bendigo Bank's annual general meeting. Managing director Mike Hirst was critical of the media coverage.
"Sometimes our broader contribution to the community is missed," he said. "The current strident coverage of the Great Southern settlement is ill informed and populist. We have acted lawfully, respectfully and morally throughout this matter."


Read more: http://www.smh.com.au/business/asic-weighs-in-on-great-southern-stoush-20141027-11cgpj.html#ixzz3HSdg5nhi