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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony,

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To: StockDung who wrote (82939)	1/13/2003 6:11:24 AM
From: SEC-ond-chance	Read Replies (1) of 122087

"We will chase everything." Mr Carter said PwC and ASIC would "share notes on the investigation regarding possible future legal actions. New Tel to liquidate: vote By Alex Tilbury 13jan03 THE creditors of failed junior telco New Tel Ltd have voted to place the Perth company into liquidation, after possibly trading insolvent for more than 12 months. New Tel owes $40 million to $50 million to employees and creditors - including Optus, which appointed PricewaterhouseCoopers (PwC) as administrator in December. Phil Carter, joint-administrator and now New Tel liquidator, today chaired the four-hour creditors meeting in Sydney. Mr Carter said he "backed his own judgement" and cast the deciding vote to place the company into liquidation. At the meeting, 43 creditors who were owed $37.4 million voted for liquidation, while 88 creditors who were owed $7.9 million voted against. "I am very clear and comfortable of what my responsibilities are and where my duty lies and that is to the people who are owed money," Mr Carter told reporters after the meeting. Mr Carter has concerns New Tel has been trading insolvent for more than 12 months and now as a liquidator he has more powers to examine the allegation further. A liquidator has the ability to unwind transactions stretching back as far as four years relating to directors and associated parties. Creditors would have had to forgo their rights to pursue New Tel directors for various breaches of duty if they opted not to go into liquidation. Mr Carter believed up to $15 million could be recovered through pursuing legal action, possibly in conjunction with the Australian Securities and Investments Commission (ASIC). "One of the compelling reasons why New Tel had to go into liquidation is because in many cases there is a stigma attached to liquidation ... but the vast majority of New Tel's assets are legal actions as opposed to trading businesses." "We will chase everything." Mr Carter said PwC and ASIC would "share notes on the investigation regarding possible future legal actions. New Tel's committee of creditors, which include Telstra, AAPT and employee representatives, so far assessed and rejected all three rescue plans put forth by Broadband and Wireless Ltd (BWL), believed to be a Hong Kong-based investment company. The BWL camp is represented by Richard Steggall and was believed to be connected to former New Tel chief executive Peter Malone. BWL had been attempting to avoid liquidation and wanted creditors to back its latest proposal for a "deed of company arrangements". theaustralian.news.com.au

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