You will eventually be able to read the transcript here

Should make for some great bed time reading

awesome report, there is SOOO much more to come on this business. Eddy appears to have committed australia's greatest fraud.

has almost restored my faith in current affairs

Thanks for the link. Hadn't realised the share price had dropped that far.

You can watch it on their website.

As an investor I always had my doubts particularly when their growth and revenues were spectacular to say the least. Just reinforces if its sounds to good to be true, it isn't.

As a basketballer I think it shows that the demise of the Kings and the Bullets were a result of questionable owners and enevitable once their business baloons burst.

Would this have happened in the AFL, the Rugby Legaue or Union, or even Soccer? I doubt it, as only the NBL had adopted a private ownership model with relatively low entry costs and barely a whisper of due dilligence by the League.

AFL - Richard Pratt
Rugby League - Tim Johnson
Rugby Union - Tim Johnson
All of questionable character, sorry dont know soccer well enough.

Soccer is privately owned, but not sure if it is setup exactly like NBL, from the outside looking in it is, but I could be wrong.

As sad as it is that we lost the Kings and the Bullets it is of little surprise in hindsight that we have this problem. Really is there much difference between Eddie and Tim, Tim wasn't as good as Eddie because Eddie actually got it to the stock market, but then Tim isn't back in Australia to cop it.

Surely the banks have to take some responsibility in the ABC thing, they were loaning money on equity gained through unpaid loans, almost like giving a home loan to someone without an income.

Wow. This is going to be a huge story. Who would think we had two of the biggest con-men in Aust history going around at the same time?? Between Firepower Johnstone and Fast Eddy Groves, there is a lot of people who have lost their money. Also points to a lack of effort by the NBl to actually investigate buyers (although they weren't the only one's fooled).
We might also be seeing the reason why the sale of the dome/36ers has yet to go through. Perhaps our smokemart mate has seen the trouble Eddy is in and is waiting until he only has to pay a handful of dollars for both licenses. It looks like Eddy will soon be in a position where he will have to take whatever he can get.
Of course that is if Eddy doesn't also flee overseas!!
What happens if he does? What if he was the real owner of the 36ers? Could we be in trouble? At the very least we can probably expect the dome to be in some trouble!!

Got to love the fact that litigation funder IMF is one of the sources quoted. Conflict of interest much? Also dragging out Roger Montgomery again is just lazy. He should actually spend his time trying to generate returns on his investors funds rather than sticking the boot into ABC at every opportunity. Change of auditor brought all this to a head. Will be interesting if there's any fall out from that.

Eddy is in a world of trouble in my opinion. If I was a share holder I would be pissed.

I just wonder what implications this will have on the 36ers & the Dome.

I bet Mal wish he was never a puppet for Eddy now.

(taps foot and whistles)

Will liquidators come for the Dome?

Good questin Isaac.. depends which entity owns the Dome. If it is Eddy himself maybe not (unless he goes into bankruptcy). If it is the same entity that harbours all the bank debt then quite possibly.

If they do, however, it may not be such a bad thing. Of course they will look to sell it but they will likely do so to a reputable buyer at market price, and will be obliged to manage it in the meantime.

*(or if it is an entity that gave security for the bank debt)