Fresh court action launched about OneTel

A statement of claim has been served on several parties regarding OneTel Ltd's
cancellation of a $132 million capital raising on the same day that it entered
administration, its liquidator says.
The latest development comes ahead of the annual general meeting of OneTel creditors
on Thursday.
Special purpose liquidator Paul Weston of Pitcher Partners said on Monday that a
statement of claim had been served on Consolidated Media Holdings Ltd, News Ltd,
James Packer, Lachlan Murdoch and other related parties and subsidiaries.
Pitcher Partners seeks to determine whether any rights of action exist surrounding
OneTel's cancellation of a capital raising on 29 May 2001.
Pitcher Partners launched its investigation at the direction of the Supreme Court of
New South Wales and seeks to recover substantial funds for creditors.
"I consider the case against the defendants to be strong and the prosecution of the
claim to be in the best interests of creditors," Mr Weston said.
"The service of the statement of claim is a significant milestone in my administration.
"It represents the culmination of my investigations, my overcoming substantial
obstacles and my subsequent success in obtaining external litigation funding."
Mr Weston said the court had approved the funding arrangements, which were
confidential.
He said he had written to creditors to inform them of this latest development ahead
of the annual general meeting of creditors on Thursday.
The Australian Securities and Investments Commission (ASIC) lost one of the longest
civil trials in NSW in November last year when NSW Supreme Court Justice Robert
Austin comprehensively dismissed its allegations regarding One.Tel founder Jodee
Rich and the telco's finance director Mark Silbermann.
ASIC alleged that Mr Rich and Mr Silberman had failed to meet their duty of care in
the months leading up to the company's collapse in May 2001.
The corporate watchdog flagged its intention to appeal in December but in February
decided that was not in the public interest.



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