Micky the Class Action may target Directors indemnity insurance...

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borrks

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28/11/14

14:52

Post #: 14372929
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Originally posted by micky78 ↑

SC

NOT necessary mean different. Yes, Great Southern investors lost BILLIONS, but they were chasing after millions to partially recover their lost. They knew Great Southern had NO MONEY, so lucky to even recover $20m to pay their lawyers.

PDY has no money and (IMHO) will struggle to raise capital. Imagine PDY announces "Raising $5m to defend class action", how many holders will put money in? IMHO PDY's cash burn rate is too high and will run dry soon (by the time class action gets to court). PDY (if cannot raise fund for their lawyers) will simply put company in VA, who will pay for class action lawyers (both sides)? Are lawyers doing for kindness of their own heart for FREE? Is it FREE service?

Current IO price is $68/t and how will PDY raise fund for class action to defend?

I usually don't trust lawyers recruiting clients to chase class actions.

In that ABC report, Mr Messey lost $170K in Great Southern but now will file bankruptcy and loss their family home because they need to pay $300K+ of FEES? If he had stop (when he lost $170K in Greater Southern) and walk away (no class action), he still has a roof for his family. His one mistake led to another based on his story.

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Micky the Class Action may target Directors indemnity insurance which is completely separate from the company itself.

I dont know the details. But everyone knows PDY dont have any money. The lawyers fee schedule may be completely different also.

PDY Price at posting: 0.6¢ Sentiment: None Disclosure: Not Held
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Micky the Class Action may target Directors indemnity insurance...

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