Ron Earp
Admin
As many of you know, none of the people owed money from the over half million USD in car deposits to the old Roaring Forties company have ever recovered any of their money. Auditors took control of the company when it went into liquidation, as detailed on many other threads, but we've had little information about the process or outcome. It was learned some time ago that Robert Logan is not being investigated further and is free from obligation.
I did get a piece of information from an attorney that spoke with the liquidators office in response to a question that one of the affected Roaring Forties deposit losers asked.
I quote from a few days ago:
The liquidator is pursuing a court action against the tax office for a preference payment of about $54,000.
A report to creditors will be forthcoming shortly as will the holding of an AGM. They do not expect to declare a dividend to creditors until such time as they know the outcome of the ATO litigation. They have already recovered about $60,000.00.
As to the additional creditors report it showed up a few days ago. It asked for the creditors to vote to extend a budget for the attorneys to continue collection. In other words, authorize the attorney to spend more of the recovered money to continue collection. It ended with something to the effect that if the vote was not approved he could go to a higher office and get approval anyhow.
It has some other bits in there about stolen cars (the rumors were true) and so forth, but I’m about too tired to put the stuff on the forum. It is attached for those that wish to read it.
Payout, if there ever is one, is expected to be a few Australian cents on the dollar.
Over $500,000 USD in deposits gone and I never saw it mentioned in any of the popular replica car magazines. Interesting.
Best,
Ron
I did get a piece of information from an attorney that spoke with the liquidators office in response to a question that one of the affected Roaring Forties deposit losers asked.
I quote from a few days ago:
The liquidator is pursuing a court action against the tax office for a preference payment of about $54,000.
A report to creditors will be forthcoming shortly as will the holding of an AGM. They do not expect to declare a dividend to creditors until such time as they know the outcome of the ATO litigation. They have already recovered about $60,000.00.
As to the additional creditors report it showed up a few days ago. It asked for the creditors to vote to extend a budget for the attorneys to continue collection. In other words, authorize the attorney to spend more of the recovered money to continue collection. It ended with something to the effect that if the vote was not approved he could go to a higher office and get approval anyhow.
It has some other bits in there about stolen cars (the rumors were true) and so forth, but I’m about too tired to put the stuff on the forum. It is attached for those that wish to read it.
Payout, if there ever is one, is expected to be a few Australian cents on the dollar.
Over $500,000 USD in deposits gone and I never saw it mentioned in any of the popular replica car magazines. Interesting.
Best,
Ron