convertible notes, page-3

according to the letter l have received it is stated that ANZ and Pendulum have colluded to deprive noteholders of their entitlements by delaying a deal and then appointing receivers just before the notes mature and allow the holders an opportunity to redeem.
It also states that the wine held is stated at cost and the market value is 3 or 4 times that, and ANZ et al will take that home at the expense of shareholders.
Considering ETW was on the verge of turning a profit it seems strange that the receivers have been called in, particularly when the grape vintage looks poor and the wine lake is gone.
there is mischief afoot alright, but l doubt it will help the shareholders