Anthony @ Equity Investigations, Dear Anthony, Message Board

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To: SEC-ond-chance who wrote (82936)	1/12/2003 3:36:49 PM
From: StockDung	Read Replies (2) of 122087

NOW THESE ARE TUFF LAWS->"A liquidator has powers to unwind transactions stretching back as far as four years relating to directors and associated parties." New Tel set for liquidation Sunday 12 January 2003, 18:05PM The administrator of failed junior telco New Tel Ltd will recommend creditors vote at a Monday meeting to place the Perth company into liquidation. The recommendation comes despite the administrator receiving a late buy-out offer from Broadband and Wireless Ltd (BWL), believed to be a Hong Kong-based investment company. New Tel owes $40 million to $50 million to employees and creditors - including Optus, which appointed Phil Carter of PricewaterhouseCoopers (PwC) as administrator in December. New Tel's fate may be sealed tomorrow when creditors meet in Sydney to decide whether to place the company into liquidation. Mr Carter said he received another "inadequate" and conditional offer from BWL last week. New Tel's committee of creditors, which include Telstra, AAPT and employee representatives, have so far assessed and rejected all three of BWL's "rescue" plans. The administrator has concerns New Tel has been trading insolvent for more than 12 months and he wants creditors to vote for liquidation to examine the allegation further. A liquidator has powers to unwind transactions stretching back as far as four years relating to directors and associated parties. The BWL camp is represented by Richard Steggall and is believed to be connected to former New Tel chief executive Peter Malone. BWL has been attempting to avoid liquidation and wants creditors to back its latest proposal for a "deed of company arrangements" which will be outlined at Monday's creditors meeting. ©2003 AAP

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