Worlds First Publicly Traded Gay Company Owner Not Guilt

(Sydney, Australia) The man accused of driving the world's first publicly traded gay company into the ground has been found not guilty of misappropriating funds for his own use.

Greg Fisher's Satellite Corporation controlled most of Australia's gay press, held a large property portfolio that included gay resorts, and was considered a rising star and strong investment when it won the right to be listed on the Australian Stock Exchange in 1999.

It was so highly regarded, the company had little trouble selling stock and was able to attract the former president of the Australian Medical Association, Kerryn Phelps, who became the company's chairwoman.

But within months the bubble burst. Satellite was out of cash and filed for bankruptcy. Investors were left with worthless stock, properties were shuttered and gay presses were folded or sold.

Fisher was forced out, and an audit was ordered as police and securities examiners poured through the rubble.

Among the questionable expenses was a luxury yacht in Fisher's name allegedly paid for with company money.

But, after several days of testimony by prosecution witnesses, Judge Stephen Norrish directed the jury to find him not guilty on all counts, saying there was no evidence any laws had been broken.

http://www.365gay.com/newscon04/06/060204Satellite.htm

Interesting story imho.

Regards,

Lee