People,

I intend to distribute a new version of my leaflet outside the Ion
creditors meetings.

If anyone wants to comment, I would prefer comments before 11:00am
tomorrow (Friday) morning. You can read the text version below, or
download the word version.

Also, I need a volunteer or two to cover the two Melbourne meetings
(Monday 12:00noon to 2:00p, either Sheraton Towers Southgate, or Savoy
Ballroom Grand Hyatt Hotel 123 Collins St, Melbourne). The intent is
to hand out leaflets outside these venues. Let me know if you can help.

The meetings start at 2pm, but registration starts at 12 noon.

Contact details
email: grad.com @ nick4mony (swap before use)
mobile/SMS: 0438 366342
OpenVictims members will shortly receive landline telephone numbers as
well.

Leaflet content, Word format:
http://au.geocities.com/nick4mony/otm/Leaflet3.doc
Leaflet content, Word-inside-zip:
http://au.geocities.com/nick4mony/otm/Leaflet3.zip

Text version, SIDE 1:
=====================
YOU ARE ABOUT
TO BE
RIPPED OFF

Don't save the trees,
Don't save the whales,
SAVE YOURSELF

Insolvency law does not protect creditors



About to go into a meeting?
Quick hints to get a better deal, at the FIRST meeting:
* Replace the Administrator with a different one. If another creditor
comes prepared with a replacement Administrator, you should probably
support them.
* Join the Creditors' Committee - this is your only chance to do so.
Be wary of letting the H.R. Manager represent the interests of
employees. Choose an outspoken, assertive person from your group of
creditors, or nominate yourself.
* Exchange contact details with other creditors.

Quick hints to get a better deal, at the SECOND (or reconvened) meeting:
* Avoid voting for a Deed of Company Arrangement, unless you have
independent advice that it preserves your rights (eg GEERS payments),
and it pays you in full.
* If liquidation is unpalatable, but the proposed Deed is
untrustworthy, vote to Adjourn the Meeting, or End the Administration.
This buys more time, or enables another chance at replacing the
Administrator.
* Creditors have the right to replace the Administrator with a
different Liquidator or Deed Administrator (as the case may be). If
another creditor comes prepared with such a replacement, you should
probably support them.
* Exchange contact details with other creditors.
After the meeting ...
Log into the Unpaid Mushrooms web site for more hints and information.


Text version, SIDE 2:
=====================
The way forward: a simple law
Insolvency law is too complex, and most creditors only deal with an
insolvency process once in their lifetime. We demand these things:
* A simple definition of insolvency - making it easier for any
creditor owed an overdue debt to take action.
* A random or round-robin allocation of Administrators to insolvency
cases. That way, Directors have no control over the appointment.
* Any option that involves the company trading out must achieve 100%
payment of debts.

Stop the abuses
* Legal trickery
* Phoenix company fraud
* Deeds of Company Arrangement - often a different form of Phoenix
company fraud.
* Biased Administrators (or other professionals)


Further Action
Find out what other creditors are going through ...
Browse or join the Unpaid Mushrooms email group
http://yahoogroups.com.au/groups/otmushrooms/

Contact your M.P. and let them know insolvency law is an issue.

Write a letter to a newspaper

Contact the author, Nick Bishop otmushrooms-owner@...

Volunteers always welcome


About Unpaid Mushrooms
Nick Bishop set up this email-based group, originally named OT
Mushrooms, in response to the (partial) collapse of Open
Telecommunications. With this group, we broke the isolation that
redundant employees and other creditors often face.

This group is now open to all creditors to discuss insolvency issues.
Join, or just browse.

Authorised by Nicholas Bishop, Suite 1104, 530 Lt Collins St,
Melbourne 3000.
Printed by Busy Bee, 6/456 St Kilda Rd, Melbourne 3004.