Johnston heading towards bankruptcy

Interesting story in the Sunday Times in Perth revealing that discredited Firepower boss Tim Johnston must find at least $12 million in the next two weeks or face personal bankruptcy.  Johnston, who flew into Australia last week after fleeing to London in March last year owing millions from the collapse of his fuel additive company, must repay Perth mining entrepreneur Ross Graham. Readers of my book will remember that Graham sank about $26 million into Firepower on the promise he would be repaid handsomely when Firepower listed on the secondary stock market in London. One can only guess what other moves are planned by other creditors.

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