Federal Court and Padbury

: Padbury, a small Western Australian explorer, shocked the market when in April last year it announced it had secured funding to build a $6 billion port and rail network at Oakajee, according to Australian Broadcasting Corporation. The company managing director Gary Stokes labelled it a "major breakthrough for the company and the region". The company shares shot up 170 per cent. Related Story: Padbury had not locked in $6.5 billion Oakajee financing Related Story: Padbury stocks plunge after failed financing deal Map: Oakajee 6532 The corporate regulator is taking directors of Padbury Mining to the Federal Court over a failed multi-billion-dollar funding announcement that went sour and burned investors. However, it started to unravel when it was revealed that the two companies that were to stump up the cash, Alliance and Superkite, were not Asian super investors, but controlled by colourful Sydney businessman Ronald Byer. Shares plummeted from 4.5 cents to 0.04 of a cent. Under pressure from investors and regulators, Padbury Mining promised to shed light on further details of the funding arrangements, until revealing in late April that any deal it had was kaput. (news.financializer.com). As reported in the news.