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Tony Jack blasts Great Southern receiver

Local forestry veteran Tony Jack has accused receiver McGrathNicol of using his bid for the collapsed Great Southern timber schemes to find a better deal for the bank creditors at the expense of out-of-pocket investors.

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broken hill
how can the "supposed" impartial reciever hold a 30 percent vote. This just gets more and more suspicious. I am one of the investors in this scheme and I don't know what is going on here. I thought this was safe as ASIC backed it and now all I am left with is a bad taste in my mouth and thousands in debt. What am I supposed to do now?

Perth
Tony Jack was head of ITC 10 years ago when we invested and now we have found at project fruition we are getting returns of 30% less than we actually contributed. Probably best look at your own track record before critising others. People that invested in previous ITC projects would be furious at there losses which effectively have resulted in 1/4 of what was stated in the prospectus forecasts, so best look in your own backyard first!

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