Activ8Me 'forced' to sell to Bill Express
Bill Express directors, Ian and Hal Christiansen, 'forced' the owner of APN, the company that trades as Activ8Me (Australia's largest satellite broadband provider) to agree to sell his business to Bill Express largely in exchange for debts that APN owed to the failed payments company, the Supreme Court of Victoria was told yesterday.In February 2008, as Bill Express wrestled with creditors and outstanding supplier invoices, CEO Ian Christiansen announced to the ASX that Bill Express would purchase APN for one million dollars plus the write off of $15 million in debts owed by APN to the Bill Express group, subject to due diligence.The Christiansens were desperate to "tip in" APN to the Bill Express business in order to secure APN's cash flow said Peter Couper, the former CFO on OnQ, the parent company of Bill Express. Peter Couper is now employed as a consultant by APN/Activ8Me.Bill Express creditors are owed a share of APN "to this day", counsel for PPB (the liquidators of Bill Express) has previously told the court.APN's majority owner Sandro Di Donato resisted the Chistiansens' pressure to sell APN said Couper, who also said he didn't know Di Donato had signed documents of sale in February 2008.The sale of APN to Bill Express did not eventuate because Bill Express entered administration and then liquidation in July 2008, owing creditors almost $250 million.Many assets of Bill Express, including computers, are now being used by APN, the court has been told.