ADY 9.09% 1.2¢ admiralty resources nl.

harsh truths

  1. 426 Posts.
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    ADY had a lot of money falling due on 31 Oct 2008, including the convertable notes, which they could not pay.

    If they traded without change on 1 November 2008 they would have been trading while insolvent and PT would have become personally liable.

    From their prevous reports it was obvious that they had huge problems covering day to day expenses.

    Something had to give.

    Any challenge to this sale is a waste of time, the courts would throw the challenge out in half an hour, a company has a right to avoid liquidation, this outweighs any other rights.

    FIDUCIARY DUTIES

    Director have a fiduciary duty to act in good faith for the company.

    They do not have a duty to be intelligent or smart. They do not have a duty not to take advice from a director like Anthony Bloomberg who may or may not face criminal charges for taking 20 m from Hawkeswood and spending it on lifestyle expenditure.

    ADY had the chance to lock funding away when the SP went up but the borrowed from Hawkeswood. the rest is history.

    The only way PT will be charged is if he is found to have a shareholding in the company buying RLL.

    I wouldnt loose sleep if he was on a charge, I dont think there is anything at all for this to happen.

    I expect he runs and hides before the AGM by resigning.

    A sorry outcome for virtually all of us who have been on the ADY share register!

 
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