The future of high flying ISP Froggy has been placed in doubt after its director's cash cow, Karl Suleman Enterprises, was placed into voluntary administration last week.
After becoming frustrated by the ongoing liquidation process, ISP OzEmail has announced an aggressive strategy targeting customers of Froggy ISP.
The Supreme Court today banned failed entrepreneur Karl Suleman from ever managing a corporation, five months after ASIC won a ruling to freeze his assets and prevent him from operating the Karl Suleman Enterprises (KSE) and the Froggy group of companies.
In an attempt to avert the forced sale of Froggy ISP and Froggy Mobiles, John Karasmanis, the man charged with making Froggy profitable, has presented the liquidators with a -business plan" which is understood to include a -compromise of debt".
ASX listed bandwidth wholesaler and broadband provider FlowCom has thrown its hat into the ring, and lodged a deposit for beleaguered ISP Froggy.
As ASIC commences civil proceedings against former One.Tel managing directors Jodee Rich, Bradley Keeling and Mark Silbermann, public pressure to make directors and executives personally pick up the tab for company failures may be rising, according to a survey.
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