vol. liquidation, page-9

$300k - all in the pie to be disbursed to the Directors as well as pay auditors and administrators. Check the prelim financials released a month ago - no loans outstanding and a profit! Copy the url below to get Norman's other names.
http://easymailout.com/index.php?action=archive&mode=view_html&id=11&table=message&eid=&nl=&b=0
Employment service agreements can have all sorts of clauses in them these days to ensure Directors get their dough.
Would appear to me to be a case of providing false and misleading information if you look at the annual report from last year referring to 100 units and saying that earthworks have already been completed on the second stage of 50. Somehow the other two LVL Directors ended up owning the second stage of 50 units and one of them building them (related party not disclosed). A 30% share of 100 units would certainly generate development surplus and operating profit to cover the admin costs of LVL and even enable the company to put an option on some land.
The transaction which saw Retirement Plus (Ron Hopkins)be paid nearly $2m in shares and LVL take 51% of a new company worth nothing and be entitled to only 30% of profits is also a bit left field.