An “embarrassing” and “scandalous” attempt to sue the corporate regulator, several brokerages, a law firm, a hedge fund, an offshore short-selling outfit, columnist Joe Aston and this newspaper for the demise of Blue Sky Alternative Investments has, as far as some defendants are concerned, nearly sputtered to a close.

Lawyers for Blue Sky founder Mark Sowerby’s Blue Dog Group last week informed the Brisbane Supreme Court they would discontinue a class action against Aston, Nine, the law firm Gadens and the Totus Alpha Fund.