Maybe we've been too tough on James Shipton's troops at the corporate regulator. It turns out that about three weeks ago the Australian Securities & Investments Commission served Blue Sky Alternative Investments with a demand notice to produce more than two years of its internal ledgers – a period spanning the company's leadership by both founder Mark Sowerby and then recently-departed chief Rob Shand. Why? ASIC is seeking specific evidence that Blue Sky's directors have complied with their material disclosure obligations under Section 674 of the Corporations Act.

Caught napping on the Quintis and Big Un wipeouts, we understand the enforcement division on Market Street were in no mood to let another corporate collapse get away from it.