newtel ---> legal actions

  1. 2,961 Posts.
    "New Tel, whose chief executive was Perth-based Peter Malone, was placed into administration a year ago, after raising more than $100 million from shareholders during the dotcom and telco boom. Creditors are owed about $40 million.

    The Australian has also been told that there was blatant price support of New Tel shares.

    Despite many employees telling The Australian that they were interviewed by ASIC last year, ASIC remains mute on the company's collapse. A spokeswoman for ASIC yesterday refused to confirm or deny it was investigating New Tel's collapse.

    This week liquidator to New Tel, Phil Carter from PricewaterhouseCoopers, said he was planning litigation against former directors of New Tel for allegedly allowing the company to trade while insolvent."

    anyone here lose cash on this pup ?

    if so will their be a class action -- also, who lost the most cash ??


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