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 Re:VIX ERG Pty Ltd Wrongdoing Public Trial
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By: ergshareholder2
7/11/2009
6:16 pm Yahoo! Profile:
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ERG Class Action Research Report 1 [3]
[Illegal Behaviours and Evidences ]
Following evidences prove above facts.
1. Hiding true value of ERG by following methods:
1.1. Make false value data, Hiding important information and misleading.
In Evidence A2. < Independent Expert s Report> 17/9/2008, Page 34, 5th row, the cash flows forecast, Only from 1/7/2009 later.
They deliberately avoid the peak income period 1/7/2008 ~ 1/7/2009 in whole book (Evidence A1 and A2), hide about $261 ~ 500 millions, Counting as following 1.2. and see page 11 of Evidence B, --- <Independent Expert is Report and Financial Services Guide> 15/10/2007.
They was misleading shareholders to believe ERG next 5 years value equate to the loan, about 110 millions.
1.2. By deliberately pause to complete the projects, so delayed to charge customers until after transferring assets, to hide ERG true value.
[Counting True Value methods A], by ERG issued data.
By 15/10/2007, 71% projects completed. See page 11 of Evidence B.
By 8/10/2008, should completed 99%, should receive another 70% of $373.7 millions, $261 millions. It is enough to pay out the 110 millions loan.
[Counting True Value method B], by recent news after ERG assets transferred.
Total Assets True Value=$650.80 millions.
The major projects are completed and sold ERG USA assets within half year. See Evidence C --- < ERG and VIX News Issue History >. (see counting details later)
Continue --- |
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By: ergshareholder2
7/11/2009
11:13 am Yahoo! Profile:
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ERG Class Action Research Report 1 [2]
[[True Story Behind ERG Restructure]]
Why ERG just died at its peak income time? Because it is the time for all big boys to finally grab all cash from shareholders. Just at nearly finish the Sydney T-Card project , NSW govt terminated it. With this as a only excuse, No.1 Director, Duncan transferred all ERG assets to himself private company VIX. They did as a vulture fund, killed the company, then separate the body to eat, the details following:
1. A few years ago, Duncan and his Ingot Capital Management P/L, Untilico Fund lend $85 million to ERG, then controlled ERG, never return the loan to charge 10% interest , even if when ERG have turned around and got positive cash flow for 9 months since May 2008.
2. When major projects nearly finish, they paused it and did not charge customers even if jobs completed 99%, but increased cost and unnecessary loan of $15 millions, increase to 110 millions, to made a false negative balance sheets. Then by forcing to return the loan, they put ERG in insolvency position.
3. Before vote, they hide ERG true value by deliberately avoid ERG peak income period of 1/7/2008~1/7/2009 in the vote document A1.
4. By selective issuing news and utilized the crisis and T/card fail ---- hide good news, no on ASX, issued bad news at every market heavy fall dates, to destroy shareholders confidence, then manipulated share price to very low, from 0.36 to 0.002. So that cause most of small holders dump valueless ERG shares and gave up votes (88%).
5. So that, allow their relatives to bought enough shares at very low prices for voting [Yes] to kill ERG. Plus some underlie trading or agreement with a few big shareholders. Only 12.22% voted [Yes], then they passed the restructure voting and transfer all assets to self.
6. After transfer assets, true value immediately appear from All USA projects finished, and sold USA assets to Cubic. VIX ERG admitted with strong financial base on 19/10/2009. |
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By: ergshareholder2
31/10/2009
1:41 pm Yahoo! Profile:
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By ERG Class Action Group. Join us by e-mail to ergshareholder2@yahoo.com .au
We issue to public as we believe the iron evidences can not be change by the big boys, but only wait for laws trial, at anytime when we lodge the case.
Welcome more evidences from Whist Blowers from staffs of ERG, NSW govt, Cubic, who will be paid 25% benefits when we win.
[ ERG Class Action Research Report 1 ]
Against Mr. Duncan Saville and his Ingot Entities
Contents
1. Hiding true value of ERG by following methods:
1.1. Make false value data, Hiding important information and misleading.
1.2. By deliberately pause to complete the projects, so delayed to charge customers until after transferring assets, to hide ERG true value.
[Counting True Value methods A], by ERG issued data.
[Counting True Value method B], by recent news after ERG assets transferred.
1.3. Increase unnecessary $15 millions new loan from Ingot before Vote on 11/2/2008,
1.4. Manipulation share prices to reduce ERG equity value from 300 to 13.7 (millions).
1.5. Prepaid tax for 1/7/2009 ~1/7/2010 and other cost for later new company VIX,
1.6. Prepaid working capitals and other cost for VIX, or Paid orders at highest prices to their
2. Manipulation Stock Market Prices.
3. No Explore Alternative Better Options.
4. Fraud by insolvency which they made.
5. Fraud by 50% interests in VIX ERG. They take 50% for free by the transfer, among another
6. After all, the suicide vote passed by controlling big voters or plant votes by pay somebody to.
Conclusion.
Evidences (we can copy and send to you, if it is need)---
A1.[Notice of AGM and Explanatory Memorandum] 8/10/2008.
A2.[Independent Expert s Report] 17/9/2008.
B.[Independent Expert s Report and Financial Services Guide] 15/10/2007.
C.[ERG and VIX News Issue History]6/2007~25/5/2009.
D.[Disclosure of Proxy Votes for AGM] 17/11/2008.
E.[ERG Monthly Report] |
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By: ergshareholder2
25/10/2009
12:39 am Yahoo! Profile:
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ERG Wrongdoing Case Public Trial 2 [Continue of Trial 1, search VIX-ERG by google]
3. For ERG one director, he have transferred all peak income into himself, left results worse than insolvency --- only debit for shareholders. Two possible answers:
A. He could be a victim too, without link to the NSW govt. officers.
He have pointed out that NSW govt. new bid solution is copied from ERG, the USA boy set lots barriers for ERG to delay T-card and their smart card can be breach within 15 minutes.
But after there is no way to go, he has to make deal with the USA boy. Why he still continue the case? If he could sell ERG 95% completed Sydney T-card assets to the USA boy and NSW govt. for $200 millions, that should be much better than share any rewards with shareholders. At the beginning, He did really legal action to against NSW govt. But he may give up later, if he could make a deal with the USA boy and NSW govt.
B. He could have joined and designed whole plan initial. He has made the deal with the USA boy and NSW govt. officers before T-card termination.
ERG CEO was kicked out before 5 months to T-card termination. Maybe, the CEO does not agree it. The termination was pre-arranged for half years.
He has guide shareholders only view to NSW govt. officers [all for politics], avoid the only possible cause --- corruption. After McGurk Murdered, He has never catch any opportunity to investigate the corruption.
Why nobody dare to against him? A big tiger (NSW govt. some officers) may behind the fox (the director).
The case v.s NSW govt. may just pretend an shell hope for shareholders to prevent them against the grabbing 100% assets.
If he sold Sydney assets to the USA boy, then deliberately fail T-card case , Answer is B. If he against NSW govt. officers with corruption problems, Answer is A.
Let us see what will happen on New T-card tender, and case of ERG v.s NSW govt.
Next week continue --- research report and evidences. |
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