Amid the ongoing voluntary administration of the Macquarie Greek Studies Foundation, longtime supporter and Board Member Leon Bombotas has issued an open letter reflecting on the organisation’s future, offering his perspective on the events surrounding the appointment of administrators and calling for a resolution that preserves the Foundation’s long-standing role in supporting Greek studies linked to Macquarie University.
Full open letter:
Dear Friends and Supporters of the Foundation,
I am writing to share my perspective on the Foundation’s future and how the current challenges might be resolved.
On 15 March, at the time of its Annual General Meeting, the Foundation was placed into Voluntary Administration, despite being solvent, with strong funds, minimal liabilities, and no clear financial pressure that would typically justify such a move.
A group of directors, including the Chair, Mr Theo Premetis, initiated a Voluntary Administration process in response to what appears to have been a procedural AGM dispute, on the basis that a potential legal response could create a hypothetical solvency risk.
I did not agree with that decision, and it is now incurring significant cost.
On current estimates, the process could cost the Foundation over $100,000 in fees, or around 20 per cent of its total funds. This could also lead to liquidation.
Separately, the Administrator, Mr Tim Cook, has been formally notified that his appointment is under review and may be challenged on a number of grounds, including process, authority, and whether there was a proper basis for insolvency. This reflects that legitimate questions remain, particularly given the timing around the AGM and the uncertainty it has created. It does not imply wrongdoing.
Should Mr Cook’s appointment be challenged in court, costs will likely increase further, placing additional pressure on the Foundation’s funds. What started as a way to avoid a risk is now on a path to creating another one. This is not a good outcome for the Foundation.
There is, however, a clear and practical way forward.
Over the past five years, since inviting me back to the Foundation, Mr Premetis and I have worked constructively together. As recently as November, we co-presented at a fundraiser, and in December he supported a Board vote of thanks recognising my work on the Modern Greek Studies program. When the program at Macquarie was first established 30 years ago, we served together on the inaugural committee, where I was the student representative.
I have always seen Mr Premetis as committed to the Foundation’s purpose, and he has made a significant and lasting contribution over many years. This is why I am confident this can be resolved in a constructive way that puts the Foundation first.
The most practical and responsible way forward is to follow the dispute resolution process set out in the Constitution (Clause 16), which exists to address matters of this kind. This provides a clear way to address the issues, minimise cost, and allow the Foundation to move forward as one community.
With that resolved, the focus can return to the Foundation’s future. The Foundation has the potential to make a real impact, both today and for the next generation. That means moving beyond one-off ideas, setting clear criteria for decisions, and building something sustainable where good ideas grow, attract support, and generate ongoing funding.
In my professional life, I advise global media companies on their investments in AI. I’ve seen first-hand how transformative this is for language and culture. The future of Greek learning will be different to anything we’ve seen before. This is the context in which the Foundation must now operate.
Encouragingly, at the AGM, a new generation of leaders stepped forward. They have the energy and capability to build and sustain this community, along with a more modern perspective. Many have already served the Foundation. This is an opportunity for genuine renewal, one that has, for now, been stopped by the Voluntary Administration process.
We all care deeply about this Foundation and what it represents. If we refocus on that, I’m confident we can find a constructive path forward that honours its history and sets it up for the future.
With respect and goodwill, Leon Bombotas
