Simon Chen over at Eight Black has some interesting news regarding Australian digital media conglomerate Bluefreeway.

Today, the ASX was advised that one of their Director’s was resigning…the Director in question who threw in the towel was David Smithers, an ex partner and previous Chairman of PriceWaterhouseCoopers, a not too shabby accounting and professional services firm. He also used to be the President of the Australian Institute of Accountants. Oh, and also on the board of Rabobank.

Now I know that there are always 2 sides to the story, but I’d love to hear Mr. Smithers side first. Someone with his experience, wisdom and threshold for corporate pain doesn’t just call it quits after 90 days.”

Bluefreeway have been on a buying spree over the past few years, stocking up on a veritable who’s who in the Australia media scene. Recently the retail property group Centro ran into trouble due to the cash fueling its acquisition run stemming from the US sub-prime market, I wonder (aloud and with no reason to back it up, pure speculation on my part) if the case here is in any way related.

If, as Simon says, something foul is in play, the fallout will have far reaching consequences.