Who wants to start a class action going..., page-33

First 33 Last

Share
Profile

Follow
ozexplorer

14,963 Posts.

56

04/04/18

14:20

Post #: 32214799
Share

Originally posted by JimmyEyebrow ↑

The idea is noble but the execution is where it will fall down. Two points if I may:

1. A law firm will not bankroll this on a no win - no pay basis if there is nothing at the end for them if they win. If you action was successful, what financial rewards flow to the law firm? What can the company return to shareholders that the law firm can take their 40% slice from? Without that, you'd be bankrolling it yourself and I suspect that's a lost cause.

2. Directors are indeed protected, hence the use of the abbreviation "Ltd." in company names - meaning "limited liability". Simple incompetence is not enough for a director to be held personally liable - it would likely require a fraud prosecution in federal court to show that they knowingly and willingly engaged in criminal conduct. Look how hard it is for administrators of Clive Palmer's nickel empire to get their hooks into his personal assets, even though it's obvious that he's been as dodgy as hell. I'd be highly sceptical that any of the directors in this fiasco would be found to be in such a contravention of the Corporations Act and common law that they'd be made personally liable.

This is a sad end to a company that once had so much potential. Ultimately the technology just wasn't there though, regardless of how great the idea was. Like stars, some companies end their days like a supernova while others go down the path of slowly burning out and becoming a dead, cold, dark lump of carbon floating through the lonely void of space. Tragically NXR never burned bright enough to go out in a blaze of glory and so we are left with this lifeless and cold shell of what once was.

Expand

The administrators are after clive Palmer...

No need for administrators in this case to go chasing people.....Just complaint to ASIC and the Federal Police and the Commonwealth Ombudsman should do........if only 10 of us on this site writes in that is enough to get the investigative ball rolling on a few issues....

NXR Price at posting: 2.0¢ Sentiment: None Disclosure: Held
2 Upvote

0 Great analysis

Reply

Top Stories

AXP

Tambourah chases gold veins and mineralisation extension with drilling

WC8

Pan Asia rebranding to 'clear confusion' after bagging $35M for Chile projects

History-making uranium sample grades and an imminent drill run. Infini Resources is poised to transform in 2025

MIN

MinRes's Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up

ACW

This biotech stock raised $11M in a risk-off environment. Its Alzheimer's drug could change the game

There are more pages in this discussion • 69 more messages in this thread...

First 33 Last

Add NXR (ASX) to my watchlist

Who wants to start a class action going..., page-33

Top Stories

Tambourah chases gold veins and mineralisation extension with drilling

Pan Asia rebranding to 'clear confusion' after bagging $35M for Chile projects

History-making uranium sample grades and an imminent drill run. Infini Resources is poised to transform in 2025

MinRes's Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up

This biotech stock raised $11M in a risk-off environment. Its Alzheimer's drug could change the game

Featured News