"However, even for sceptics it was hard to envisage a disaster...

"However, even for sceptics it was hard to envisage a disaster of this extent and the disdain with which management and the board have treated shareholders. Any normal fund manager presiding over such long ASX suspensions and large investor losses would be forced out of financial services and quietly eating humble pie. Yet in this case they have gone on the offensive, treating shareholders with contempt and threatening legal action against commentators raising perfectly valid concerns (usually a warning sign that something is seriously wrong)."

It's true.  Any normal fund manager that stuffed up this badly would be feeling terrible and profusely apologising to investors.  I think that the general attitude displayed by the board towards shareholders says a lot about what's going on behind the scenes.