Spagnolo embroiled in ASIC investigation

[Bigfella]

Well at least that will stop people asking...

 

[eels81236]

I think I saw the sequel when the king made the doctor redeem himself for the heir's death. ShawShan Redemption.

 

[Wise Old Eel]

Read more: http://www.smh.com.au/national/liqu...wn-failings-20120119-1q8j8.html#ixzz1jw1B7m1I

Hi all. Happy Australia Day!

I have only just read this article. I think what Kate McClymont is hinting at is a suspicion of guilt by association. A lot of the time (but not all) companies who find themselves in severe financial difficulty appoint their own administrators to sort things out. Generally, when administrators are appointed, it is very rare to get the business back on its feet from this point. More often than not, it just ends up being a case of divvying up any remaining funds amongst the investors and creditors. I won't go into the whole phoenix company scenario as there was no mention of it in the article.

As much as none of us really know any of the details of Roy Spagnolo’s involvement in these 8 failed property developments, I find it difficult not to see anything suspicious here. Particularly when the same administrator was appointed for all 8 failed ventures in which Mr Spagnolo was involved. This is the same administrator who has now been banned for 30 months for questionable decisions that seem to have benefited the various other businessmen in financial difficulty - rather than the associated creditors.

I just hope the truth [regarding our current Chairman] comes out. If everything was above board, all well and good. If not, well … I don’t really want to think about that.

Bring on the footy!
WOE

 

[Wise Old Eel]

Roy, I am not Ovo. Told you before, I post boobies.

Alan would not post boobies.

Loved John Kolt by the way. He was my hero in that show Bonanza when I was growing up.

I have nothing more to add. Just enjoyed your post, mate! :sarcasm:

WOE

 

[parra pete]

I think I saw the sequel when the king made the doctor redeem himself for the heir's death. ShawShan Redemption.

:lol:

 

[Tony Bongo]

Dunno..I can't remember....:lol:

Now that the Ayatollahs run Iran, many of us probably do not remember when the former ruler was the Shah of Persia.
The word "Shaw" means King and the word for the First-Born-Male-Prince and Heir-To-The-Throne is "Shan".
The recent Shaw was a very powerful ruler, but there was some question about the Heir's potential. In fact, the young man was a fine young man in all respects, but one - he was an epileptic and occasionally prone to seizures.
This was not incapacitating and could be controlled by medicines given by a personal physician who was to be with the boy at all times.
On one sad occasion, however, the physician had to heed the call of nature, and was absent for nearly fifteen minutes.
When he returned, he found that the boy had suffered a massive seizure. As the physician was led off to be beheaded, he heard these fatal words ringing in his ears,
"And where were you when the fit hit the Shan?"

Funny you say that Pete.
I did a fair bit of work for one of the biggest developers in QLD and the owners migrated to Australia when the Shah of Persia was overthrown. Their families were some of his highest profile supporters. They turned their hand at developing and got to a point when times were tough where they refused to pay tradesman. I was fortunate enough to outwit them the last time I worked for them (that's a story in itself) but I did see many businesses fold due to their unscrupulous ways.
As for Roy I am yet to see conclusive proof of anything like this and I have not heard of anyone who is claiming they have not been paid by a company he was involved with. I'm not saying it hasn't happened - I'm just saying I haven't seen any conclusive proof. Has anyone else ? Kate doesn't seem to actually provide any - She just makes general claims without substantiating them or providing specific details as far as I can tell.
I would be far from impressed if there was any truth that a tradesman had not being paid for any reason other than not doing their job to the standards expected of them and I personally would not have any association with anyone who didn't pay their subbies either. I am certainly interested in finding out what Roy's point of view on these matters are.

 

[Eels Dude]

Oh the irony !
I did a fair bit of work for one of the biggest developers in QLD and the owners migrated to Australia when the Shah of Persia was overthrown. Their families were some of his highest profile supporters. They turned their hand at developing and yes got to a point where they refused to pay tradesman. I was fortunate enough to outwit them the last time I worked for them (that's a story in itself) but I did see many businesses fold due to their unscrupulous ways.
As for Roy I am yet to see conclusive proof of anything like this and I have not heard of anyone who is claiming they have not been paid by a company he was involved with. I'm not saying it hasn't happened - I'm just saying I haven't seen any conclusive proof. Has anyone else ? Kate doesn't seem to actually provide any - She just makes general claims without substantiating them or providing specific details as far as I can tell.
I would be far from impressed if there was any truth that a tradesman had not being paid for any reason other than not doing their job to the standards expected of them and I personally would not have any association with anyone who didn't pay their subbies either. I am certainly interested in finding out what Roy's point of view on these matters are.

I think you'll find if there is conclusive proof legal ramifications mean they can't be punlished while the matter is ongoing. That's not a suggestion of guilt either, but keep an open mind as to the reason why certain allegations cannot be accompanied by definitive proof.

 

[Tony Bongo]

I think you'll find if there is conclusive proof legal ramifications mean they can't be punlished while the matter is ongoing. That's not a suggestion of guilt either, but keep an open mind as to the reason why certain allegations cannot be accompanied by definitive proof.

Definitive Proof ? Some decent journalism like a quote from a plumber, electrician or tiler or whoever else Kate claims hasn't been paid by Roy would be a good start. I do keep an open mind and a part of that is not finding people guilty just because something is portrayed in a negative light by a journalist who appears at times to be bias.

 

[Eels Dude]

Definitive Proof ? Some decent journalism like a quote from a plumber, electrician or tiler or whoever else Kate claims hasn't been paid by Roy would be a good start. I do keep an open mind and a part of that is not finding people guilty just because something is portrayed in a negative light by a journalist who appears at times to be bias.

As I said, if there were numerous legal proceedings going on (and there almost certainly would be a fair few) then the people you're referring to would have been advised by their legal team not to put themselves on record whilst those proceedings are still going on as it would affect any decisions. You seem a very smart bloke Tony you should realise this.

 

[Eels Dude]

Also keep in mind Tony, Kate McClymont is reponsible for uncovering one of, if not the biggest sporting scandals of the past decade. That being the Bulldogs salary cap scandal in 2002. If it wasn't for her that wouldn't have been uncovered at all. She's obviously a good investigative journalist and while expecting proof is reasonable it'd be unlikely she'd publish such statements if she wasn't confident in her sources.

 

[Tony Bongo]

As I said, if there were numerous legal proceedings going on (and there almost certainly would be a fair few) then the people you're referring to would have been advised by their legal team not to put themselves on record whilst those proceedings are still going on as it would affect any decisions. You seem a very smart bloke Tony you should realise this.

I'm smart enough to know that everything you just said here is an assumption. I don't go by assumptions so I'm not prepared to presume any guilt or innocence based on the lack of evidence provided. I hope in any case that it is the later as it would be in the best interests of our club for it to be the case. I also stick to the motto of innocence until PROVEN guilty. Right now I see nothing proven at all.

 

[Gronk]

I'm smart enough to know that everything you just said here is an assumption. I don't go by assumptions so I'm not prepared to presume any guilt or innocence based on the lack of evidence provided. I hope in any case that it is the later as it would be in the best interests of our club for it to be the case. I also stick to the motto of innocence until PROVEN guilty. Right now I see nothing proven at all.

Agree. Spags is innocent until proven guilty for sure.

It's interesting however that Kate has had him in her sights for a number of years. Either she has an axe to grind or she doesn't quite have enough on him to make a substantial allegation. Hence her careful description of him as having "an extraordinary run of bad luck as a property developer" which clearly reeks of cynicism.

She is a highly respected multiple Walkley Award winner BTW (1993, 2002) and a finalist many times including 2011.

 

[Wise Old Eel]

I think you're all missing the point. The article mentions Mr Spagnolo owing money at one stage. Maybe it has been paid back/settled, who knows? But the actual point of the article is to question Mr Spagnolo's ongoing association with Peter Ngan - now a convicted man. This guy has been found to be a crook. Mr Spagnolo & his business associates [according to the article] continually chose this man to clean up any corporate messes. That's where the possible problem is. It may well all be above board of course but I know I wouldn't want my name associated with this low life.

The other thing is these investigations are ongoing & it can take years before all the pieces are put together & the guilty parties are brought to justice. The fact Ms McClymont mentions Mr Spagnolo's name, suggests she may know of such an ongoing investigation.

WOE

 

[oldmancraigy]

I'm smart enough

Could you do my homework for me?

 

[Stagger eel]

Agree. Spags is innocent until proven guilty for sure.

It's interesting however that Kate has had him in her sights for a number of years. Either she has an axe to grind or she doesn't quite have enough on him to make a substantial allegation. Hence her careful description of him as having "an extraordinary run of bad luck as a property developer" which clearly reeks of cynicism.

She is a highly respected multiple Walkley Award winner BTW (1993, 2002) and a finalist many times including 2011.

Kate's a good friend of our former CEO.. That's about all I want to say about the situatioon

 

[Delboy]

Threads like this are a major part of the reason, long term posters are rarely visiting the site and cant be bothered making comments

This has become a site of negativity about the club, I guess the usual suspects will come back with their reasons, but this should be a footy forum, even when info is posted , the replies are generally negative

Pity really, as I and plenty of others used to enjoy the site

 

[parra pete]

Kate's a good friend of our former CEO.. That's about all I want to say about the situatioon

AND she is also a very very good Journalist....I don't think she would compromise her reputation (on the basis of a friendship) if she didn't have the necessary facts, and research.

 

[Gronk]

Threads like this are a major part of the reason, long term posters are rarely visiting the site and cant be bothered making comments

This has become a site of negativity about the club, I guess the usual suspects will come back with their reasons, but this should be a footy forum, even when info is posted , the replies are generally negative

Pity really, as I and plenty of others used to enjoy the site

Ah bullshit. If the Eels are in the press it will get posted on this forum - like it or not.

The article suggests that our Chairman has been involved with a dodgy character (liquidator) and that he himself has been involved with 8 property developments which have gone arse up and left some tradies high and dry.

How would you suggest that we be "positive" about it ? Many have said that they hope it's not true. What else could be said which would meet with your approval ?

 

[Tony Bongo]

Could you do my homework for me?

I don't think so since I've forgotten most of the stuff they taught me in Primary School.

 

[Gronk]

Kate's a good friend of our former CEO.. That's about all I want to say about the situatioon

AND she is also a very very good Journalist....I don't think she would compromise her reputation (on the basis of a friendship) if she didn't have the necessary facts, and research.

Yeah I call you on that one too. KMcC would be regarded as one of the best investigative print journalists in the country. No way would she make shit up as a favour for some bitter old former CEO. She has an editor and legal to approve her text before they publish.