You are right. What he did was sell assets owned by corp A and put the proceeds of the sale in corp B. That seems definitely unethical. I do not know much about

You are right. What he did was sell assets owned by corp A and put the proceeds of the sale in corp B. That seems definitely unethical. I do not know much about Aussie corp law but it may also be very illegal. Also, he may have breached another rule by proposing an action that he obviously did not believe to be desirable when he had a large chunk of the corporation. Again I am not sure what the particular rules in this case are but usually large shareholders have fiduciary duties towards the corporation and small shareholders so they cannot do things that injure the corporation. So I am not sure this guy should be admired. It seems that he just broke a bunch of rules betting that he would not get sued. And he is not getting sued, but that may have been due to luck rather than being right. I think what happened is that his ass was saved when a bank decided to buy out any shares that anybody wants to get rid of and make the necessary subscription payments. Thus the bank would buy Mr. Bolton's shares and make the payments, so the corporation would not have to sue Mr. Bolton for the payments.