Ron Earp
Admin
RF Update 4/24/06
To my knowledge the Administrators investigating Roaring Forties held a meeting today to determine the fate of the company and what actions should be taken from this point forward. Based on what I have been sent Roaring Forties entered into liquidation via vote of creditors and the company will not be returned to Robert Logan. In fact, the company assets have been listed for sale for quite some time and now have offers on them, to what amount we do not know. It appears the assets will be sold off, the Administrators and secured creditors paid, and then any money left used to pay unsecured (all the depositors) creditors. There is no possible way this can really amount to much money due to the large sum of unsecured creditors and the relatively low value in comparison of Roaring Forties' assets.
It is still undetermined if Robert Logan will be investigated personally, or held personally liable for the situation. The information I have been supplied with indicates that investigations are still pending but it appears the company was trading while insolvent in June of 2005. I don't know what the Australian definition of "trading while insolvent is" but I imagine it is a simple debt/load calculation. And, my understanding of Australian law is that if a company director is found guilty of trading while insolvent they can be held responsible and/or be charged as a criminal. Clearly, I don't understand all the ins and outs of Australian liquidation, bankruptcy, and ramifications of such, but that is the jist I get from talking to the Administrators some weeks ago and our attorney. I imagine this will take some time to play out.
In fact, I imagine that all of this has a fairly long time to go before it reaches an end. I know folks on the forum are tired of reading about it, just as I am tired of thinking about it, writing about it, and talking to people on the phone about it. But, as I read on a forum not too long ago, Life comes down to a few moments and this is one of them. I sure won't forget it!
Ron
To my knowledge the Administrators investigating Roaring Forties held a meeting today to determine the fate of the company and what actions should be taken from this point forward. Based on what I have been sent Roaring Forties entered into liquidation via vote of creditors and the company will not be returned to Robert Logan. In fact, the company assets have been listed for sale for quite some time and now have offers on them, to what amount we do not know. It appears the assets will be sold off, the Administrators and secured creditors paid, and then any money left used to pay unsecured (all the depositors) creditors. There is no possible way this can really amount to much money due to the large sum of unsecured creditors and the relatively low value in comparison of Roaring Forties' assets.
It is still undetermined if Robert Logan will be investigated personally, or held personally liable for the situation. The information I have been supplied with indicates that investigations are still pending but it appears the company was trading while insolvent in June of 2005. I don't know what the Australian definition of "trading while insolvent is" but I imagine it is a simple debt/load calculation. And, my understanding of Australian law is that if a company director is found guilty of trading while insolvent they can be held responsible and/or be charged as a criminal. Clearly, I don't understand all the ins and outs of Australian liquidation, bankruptcy, and ramifications of such, but that is the jist I get from talking to the Administrators some weeks ago and our attorney. I imagine this will take some time to play out.
In fact, I imagine that all of this has a fairly long time to go before it reaches an end. I know folks on the forum are tired of reading about it, just as I am tired of thinking about it, writing about it, and talking to people on the phone about it. But, as I read on a forum not too long ago, Life comes down to a few moments and this is one of them. I sure won't forget it!
Ron