as mentioned before bolton has sold the proxies for $4.5mthat...

as mentioned before
bolton has sold the proxies for $4.5m

that money was paid to Australian Style Holdings

Australian Style Holdings is a different company from Australian Style Investments

Australian Style investments is a $100 company which owns the 77m shares and all the liabilities

he will most likely let that company go into administration

check out this article
v
v
v

Bolton sells his BrisCon voting rights for $4.5mMark Hawthorne
April 15, 2009
REBEL BrisConnections shareholder Nicholas Bolton has sold the voting rights to his 77 million units to Leighton Holdings - the construction company that is part of the consortium building Brisbane's Airport Link toll road - for a $4.5 million one-off payment.

In return for receiving $4.5 million from the Leighton subsidiaries Thiess and John Holland, Mr Bolton voted against the very resolutions that his company had proposed, at an extraordinary general meeting of unitholders held at Brisbane Convention Centre yesterday.

The votes of his company, Australian Style Investments, helped to defeat all seven resolutions put to the meeting, which could have caused BrisConnections to be wound up.

Three of those seven resolutions would have been passed had Mr Bolton not changed his vote in return for $4.5 million.

That result leaves hundreds of BrisConnections unitholders - many of whom bought into the listed company at a fraction of a cent per unit - to meet a $1 per unit instalment payment on April 29. If they default on that payment, debt collectors will be called in to repossess their assets.

The secret deal between Mr Bolton and Leighton was struck on Wednesday last week. BrisConnections' chairman, Trevor Rowe, told the meeting the company received a proxy form from Australian Style Investments on Saturday, which indicated it was voting against all the resolutions he proposed.

The chairman stopped short of calling Mr Bolton's deal a successful corporate greenmail attempt.

The money from Leightons will be paid to Mr Bolton's holding company, Australian Style Holdings.

Mr Bolton has told the Herald in previous interviews that Australian Style Holdings and other companies in his group are insulated against having to make the next $1 per unit instalment payment on the units he holds.

The next payment of $77 million lies with Australian Style Investments, a company with just $100 of paid-up capital. That means that even if his company defaults and debt collectors are called in, the rest of his internet domain empire will be protected.

Mr Bolton has been portrayed as a white knight for small unitholders but his move to sell the voting rights to his shares angered many retail unitholders at the meeting.

Mr Rowe denied he had any prior knowledge of the agreement between Mr Bolton and Leighton, and did not suspect that any arrangement had been made until Mr Bolton's proxies arrived on Saturday.

"But the timing of that deal suggests some knowledge may have leaked to the company's underwriters, Macquarie Group and Deutsche Bank," he said.

"The two investment banks will have to cover the cost of all defaults on BrisConnections units, and were in the process of negotiating a deal to absolve unitholders of their obligations on Wednesday of last week.

"Those negotiations ended on Thursday at the very time Leighton had concluded its deal with Mr Bolton."