You cannot blame legislation for unsuccessful investment choices in turnaround companies.
You can question whether M and G acted in accordance with the guarantor agreement when they threatened the directors.
You can question whether the directors conducted full diligence when they recommended to shareholders that the agreement would not change control.
You can question (again) whether directors were negligent not to confirm to the market that Packer wasn't going to be in on a new guarantee when they were advised.
You can question when exactly Ten revised its forecasts downwards by one entire percentage point from growth to retraction as made available to the administrators.
You can even ask where the asx and assets can were in all of this.
But, the legislation was applied as written. The company was worthless in administration based on generally accepted accounting procedures the were prudent to predict. it is not the fault of the legislation.
