Dear Interested Parties,
I've received some information from our attorney regarding the situation at Roaring Forties and the Administrators. Not a whole lot has happened since the last report two months ago, but I will relay what I've been told.
- Another (final) creditors report will be made at the end of this month detailing activities.
- Unsecured creditors may receive a very small dividend, but this is not absolutely certain.
- The administrators are working on making a dividend to the former employees and that is supposedly in progress.
- The administrators have made a report to the ASIC regarding possible criminal charges.
- They have a statement of assets from the Robert Logan - and essentially it shows he owns nothing, home in wife's name (and I've heard is off the market, do not know if true), thus civil suits against him would not be worthwhile.
Essentially, it appears that what we thought would happen is going to happen - that the company went belly up, got sold, and Robert Logan washes his hands of it with no legal ramifications. I'm not passing judgment one way or the other, just relaying the information as quickly as I receive it so everyone is equally informed. I feel that if we lived in Australia and were affected we've have more avenues for pursuit of lost revenue. But it appears that the end is nigh for any any foreign creditors getting a penny from RL and RF. A sad tale. Best, Ron