Anthony @ Equity Investigations, Dear Anthony, Message Board

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

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To: StockDung who wrote (82964)	1/14/2003 12:02:38 PM
From: SEC-ond-chance	Read Replies (1) of 122087

New Tel is better than TV! Action on New Tel a fizzer By Fran Spencer THREATENED legal action to halt liquidation proceedings at failed carrier New Tel failed to materialise yesterday after rejected suitor Broadband & Wireless appeared to lose its nerve amid further confusion about its funding. The Hong Kong-based investment group announced it would seek an injunction to derail the liquidation following Monday's meeting, where BWL's proposal for a deed of company arrangement was rejected by major creditors, including Telstra Corp. BWL acquisitions manager Richard Steggall said yesterday morning the company had briefed a QC and was gathering affidavits, with the intention of serving an injunction on New Tel liquidator Phil Carter by the end of the day. But yesterday afternoon, Mr Steggall said the company had decided against legal action as "too expensive". "We believed we had grounds to challenge (Monday's) outcome but we have since decided we don't have commercial grounds to do it," he said. "We are currently considering our options in relation to just putting forward a straight asset sale proposal and leaving the liquidator to pursue any uncommercial transactions and directors on whatever grounds he feels he has." However, BWL's position was dealt a further blow yesterday when Perth businessman Mario Salvo denied he had agreed to provide funding for the company's offer. January 15, 2003

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