Thanks to all regarding the fifth column, and Mr Google. I went fishing ( on the ocean ) yesterday but my notification and cache recorded Simgrunds' posts before foolish moderation. By the way Mr/Mrs ( or whatever gender your title is ) Simgrund, just how long have you been an investor in the PIF, if you are indeed one? Regardless I find your posts, along with others very informative and inspiring. Let's not drop the baton.
I was looking at the number of posters originally registered on the OCV/PIF forum.
There was 210+, and some very talented people, among them Tuart along with this post:-
Following on from some comments made by Javier regarding the debt owed by LLA to PIF.
In March/April of this year while the fund was frozen (ie RBOS calling shots) further advances were made by PIF to LLA.
LLA had already defaulted on its own NAB facility.
Now it appears that PIF is been forced to do a deal at a loss on this loan to allow Artic to get control of LLA and allow RBOS to be paid back. ( you take a loss so RBOS gets 100 cents in the dollar)
Given that RBOS green lighted the further advance to LLA could it not be argued that if they are now forcing investors to take a loss to get their money back they are a party to creating a loss and are now in the firing line for investor actions.
THis whole LLA deal smells.
NAB are owed 125 million against $300 million plus of assets with LLA easily able to service this debt based on its cashflows. The default I believe relates to market capitilsation and nothing to do with underlying value of assets.
How did Artic get in the box seat as WC have stated they are. PIF is the second ranking creditor and WC should have the resources to bring in a banker and take Artic's place. If they cant they are the wrong people for this job.
I hope it is not the case that Packer through Artic gets control of LLA for going easy on OCV through Challenger position as major creditor of OCV.
WC would do better by PIF to bring in its own banker to replace NAB and exercise its rights as a major creditor of LLA. LLA if required could have an administrator put into it as PIF would be the driver of any reconstruction scheme as the major creditor assuming WC with their resources can line up a banker.
There is something very smelly going on here. WC needs to come clean with what deal they have struck or will strike and the real reasons why that deal was struck.
Jenny Hutson had all the details on the consortium I was aware of who sought to acquire the RE and had extended their expression of interest to LLA and this group is only a phone call away. If WC does not have resouces they should be bring in partners who do.
I will find out if she has made a call to this consortium to seek assistance and those in contact with her should be putting pressure on her to find out what deal she has struck or proposes to strike with Artic.
I know it's old ground, it is a shame PIF didn't navigate a different course.
" Sometimes I sits and wonder, sometimes I just sit! "
OCV
octaviar limited
