Anna Bligh QWC appointee Elizabeth Nosworthy weaves another basket case ...
Nosworthy weaves another basket case
20 March 2009
What is that rule in baseball? Three strikes and you're out?
It's a question that is no doubt running through the mind of Elizabeth Nosworthy, who may have cemented her role as the public face of corporate basket cases after a third company for which she acts as a director was placed in the hands of administrators.
Ventracor, the publicly listed medical device maker, yesterday joined investment bank Babcock & Brown and Commander Communications, which are also being cared for by the corporate doctors. It's quite an achievement for just seven months work.
The Brisbane lawyer has been a non-executive director of Ventracor since July 2002.
She joined the Babcock & Brown board at the time of its 2004 listing and was promoted to the chairman's role last August as the bank tottered under $50 billion worth of debt.
Nobody there seemed bothered by the fact that Nosworthy had only weeks before handed Commander, a junior telecommunications player she'd presided over for the past five years, to an administrator.
The three roles have netted the 62-year-old hundreds of thousands of dollars in directors fees.
...
Despite her career as a public company director seemingly being in tatters, Nosworthy's role as chair of the Queensland Water Commission appears to be safe -- for now.
Facing a state election, Queensland Premier Anna Bligh last month said the commission's board, including Ms Nosworthy, would remain in place.
...
For the full article see - The Australian - Nosworthy weaves another basket case.
Expect Nosworthy to be quietly shuffled out the back door of the QWC once merged with DNRW if Anna Bligh wins on Saturday.
posted by Concerned Ratepayer at 10:39 PM
1 Comments:
Sydney Morning Herald:
Nosworthy racks up a hat-trick
March 20, 2009
Michael Evans does have a big heart - but he declines to offer mouth-to-mouth.
Bip, bip, bip, bip, bip, beeeeeeeeeeeeeeeeeeep.
The sound of Ventracor flatlining yesterday marked a unique hat-trick for the director Elizabeth Nosworthy.
Three down, one to go. After Commander Communications last year, two corporate collapses in the space of six days is going beyond the call of duty. Babcock & Brown last Friday. Ventracor the following Thursday.
On the law of averages, Liz's remaining directorship at GPT should keel over some time next Wednesday.
Still, it would be remiss of us not to point out some of the whispers surrounding other Ventracor bananas.
We don't know what to make of suggestions that CEO Peter Crosby, paid $1.42 million in cash and shares including a $265,000 cash bonus last financial year, last week packed up the furniture from his luxury Manly apartment. Perhaps he has even packed it off to rural France to enjoy his Chateau Marthon (pictured).
We'd hate to think shareholders would pick up the tab. Sadly, Crosby didn't return our call.
Crosby's termination entitlement of a year's salary appears now to rank as an unsecured creditor.
Spare a thought, though, for the surviving recipients of the 400-odd implanted Ventracor devices and their predicament now the company that produced the devices has collapsed.
12:03 AM, March 20, 2009
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