Receiver meeting of El Zorro.
A very interesting public meeting in Melbourne yesterday. Our roving reporter in the room took some notes, and some of the more interesting details are as follows.

The performance of the business was detailed.

In the 2010 financial year, they lost 3.5 million.
In the 2011 financial year, they lost 6.5 million.
In the 2012 financial year, they lost around 6.5 million.

So, the company was unwell for a long time.

It would appear (in case there was any doubt) that El Zorro owed a lot of people, a lot of money. Some figures were quoted;

Staff are owed millions. It was noted that the company does need to go into liquidation, at which stage staff should be paid for the bulk of their entitlements.

Seymour cracked the ton, being owed a smidge over a million bucks.
That's an interesting discussion on its own!
V/Line are owed, in various entities three million plus.
ARTC didn't participate, but a figure of two million plus was mentioned.
CFCLA, in its various entities, is owed around two million.
NREC is owed $450k. So much for the gensets!
The DERM group got off lightly, being $117k out of pocket.
Various fuel suppliers were owed amounts in the tens of thousands.

It was commented that Ray will have to go personally bankrupt.

The most contentious issue was the value of the Cargill/AWB debt. Cargill claimed it was in the order of 6 plus million and the administrators counter claimed similar sum a significant portion of which involved an invoice raised by Zorro after the agreement was terminated and that Cargills have never received. The administrator, appointed by Ray Evans, ruled that he would only allow an offset for roughly 250k.

Cargill's lawyer said that they would be taking them to court over the ruling. It will be interesting to note what comes out of that as it could have changed a lot of things on the day.

Very interesting!

The above is a cut and paste from Matt Austin in Facebook.

Forum Jump:

Users browsing this thread: 1 Guest(s)