SydneyNorg

Access 31 – more farewells than Nellie Melba

Next Monday – the first day of Spring – yet another meeting is planned to vote on liquidation with yet another 'rescue package' thrown in to the ring.

The last 'rescue' ended abruptly (here). It was, however, only for $750,000 which wasn't going to come within a bull's roarer of paying the bills.

The new offer includes payment of all of Access 31's debts by 'unconditional donation' and to pay unconditionally (by way of non-recourse loan) 'the future running costs of the company until the company is operating with revenue exceeding expenditure or for a period of up to four years, whichever is sooner.' Generous. Very, very, very generous.

The rescuer would like, if accepted, to introduce his own business model and to suggest some additions or changes to the current Board. He also offers 'to cover the legal costs to have a Lawyer draft the agreement.' and to release the current Directors from all liability...and all other debts or claims of whatsoever nature' Given the business performance of Access31 to date, a release of the current Directors is a modest first step.

So next Monday the members will assemble to vote on a special resolution, 'that the Company be wound up voluntarily' as well as several ordinary resolutions relating to the nuts and bolts of liquidation. They will also 'be given the opportunity to put forward their comments and views on the rescue offer... in conjunction with the resolutions...' Does this mean they vote on it?

Membership was to lapse on June 23 but was held over by the Board to July 3 to vote on the liquidation resolution held over from the June 23 meeting. The Minutes from that meeting state: 'current financial memberships would be carried over until a resolution could be voted on ...' The resolution is going to be voted on next Monday, but am I valid? Not on your Nelly. I have been told officially that it's a new resolution and only those who renewed their membership for the current year are welcome.

Yep. The initial resolution (notified 4^th June, 2008) is: “That the company be wound up voluntarily.” The new resolution for September 1^st is “That the company be wound up voluntarily.” You can see the difference.

And who are the eligible members? I know of one and he's going to be a very lonely little petunia in the cactus patch if he's the only one who bravely, foolishly, unrefundably, paid his membership to Access31.

I have asked Access31's caretaking machine how many members were invited and how many attendances were expected but she has not yet answered. But I'll stand outside on Monday, along with a number of other interested parties, waiting to hear the result. It's more exciting than 'Scrap Heap Challenge'