Prime Case: High Stakes
Unitholders may be interested to read the attached article from The Australian Financial Review dated 13 September 2012.
As unitholders will recall, several former APCH Directors are currently facing legal action over the controversial listing fee payment on two fronts - one action in the Federal Court being conducted by ASIC, and a second action in the Supreme Court being conducted by the Receivers. It has been reported that some Directors are seeking that the Supreme Court proceedings be stayed on the grounds that any defence they submit may undermine their position in defending the ASIC Proceedings. In response, the Receivers are reported to have requested that their matter be transferred to the Federal Court. The position may become clearer tomorrow when the Supreme Court is scheduled to consider the matter further.