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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony, -- Ignore unavailable to you. Want to Upgrade?

To: SEC-ond-chance who wrote (82913)	1/9/2003 9:11:18 PM
From: StockDung	Respond to of 122087

Maybe they will throw in Malones Aston Martin in the deal? Thats it, Salvo wants the Martin. lol

To: SEC-ond-chance who wrote (82913)	1/9/2003 9:14:43 PM
From: StockDung	Respond to of 122087

soap opera continues->Car rental king bids for New Tel By Colin Kruger January 10 2003 The telecommunications industry's favourite soap opera continues, with Broadband and Wireless Ltd launching another bid to rescue New Tel yesterday, calling on help from rental car king Mario Salvo. BWL's Richard Steggall presented his plan to a committee of creditors yesterday, saying New Tel creditors would have the choice, at a meeting scheduled for Monday, of voting for liquidation or opting for an adjournment to consider BWL's offer. Yesterday's creditors committee meeting continued into the night at the Sussex Street offices of New Tel's administrators, PricewaterhouseCoopers. Administrator Phil Carter was not available for comment. After losing close to $3 million in non-refundable deposits to Optus when its first rescue bid fell through, BWL has returned with Delta Europcar owner Mario Salvo, who is funding the latest bid, according to Mr Steggall. Mr Salvo is no stranger to New Tel, having sold his mobile phone reseller business, Delta Phones, to the company in June last year for $4 million worth of convertible notes which are now worthless. If the bid succeeds, Mr Salvo is expected to fund the initial payment of $11 million that will be made available to creditors immediately. The major creditors, Telstra and Optus, are expected to get 65c in the dollar, while smaller creditors are expected to receive full payment of their debts. To see its deed of company arrangement accepted at the creditors meeting, BWL would need the support of 70 per cent of the 200-plus creditors, as well as the support of the major creditors by value. Mr Carter has previously recommended liquidation for New Tel, which will give him additional powers to investigate the conduct of the company and its directors before the administration. PricewaterhouseCooper is claiming the company may have traded while insolvent before being put into administration last month.

To: SEC-ond-chance who wrote (82913)	1/10/2003 9:48:56 AM
From: StockDung	Respond to of 122087

New Tel administrator queries $2.8m paid to B&W Michael Sainsbury January 11, 2003 THE administrator for failed telecommunications reseller New Tel has questioned payments of $2.8 million made to Broadband & Wireless – a company which has tabled a rescue proposal for the telco – before New Tel's collapse late last year. The payments are detailed in the report by administrator Phil Carter of PricewaterhouseCoopers to creditors owed $50 million. New Tel's fate could be sealed on Monday when creditors meet to decide whether to tip the company into liquidation, as recommended in Mr Carter's initial report. This would give Mr Carter power on behalf of creditors to unwind transactions such as the $2.8 million payment. In his report, Mr Carter outlined concerns – also held by the Australian Competition and Consumer Commission – that New Tel might have been insolvent for up to 12 months before it was put into administration by Optus in December. This could result in criminal charges against Mr Malone and other New Tel directors, including Deloitte Touche Tohmatsu chief Domenic Martino. Broadband & Wireless has moved to avoid liquidation by putting up another rescue proposal, despite previous unsuccessful offers. The New Tel creditors committee met at length on Thursday to consider B&W's offer but under Australian companies law it is too late to put B&W's proposal to the meeting of creditors on Monday. Creditors will have the option to adjourn the meeting to consider B&W's proposal at a later date. Sources close to New Tel's largest creditors, Telstra, Optus and RSL Com, say they remain sceptical about the B&W offer and are more inclined to the liquidation option. It has been alleged that B&W has close connections to New Tel founder and chief executive Peter Malone. However, B&W denies this. Monday's meeting is expected to be tense, with legal representative for Mr Malone and B&W representative Richard Steggall likely to be present. Also represented will be New Tel staff, who are concerned the administrator is trying to pay them less entitlements than they are owed by using a different employment award than the provisions detailed in the Employment Protection Act. Thirty-five staff sacked by New Tel in December have not been paid redundancy and leave entitlements and the total amount owed to staff is understood to be $1.45 million. PWC is believed to be holding about $2 million in cash from New Tel. Sources said Mr Carter was also expected to ask the meeting to approve $600,000 in fees for PWC. The Australian