business update..., page-21

BB

The following is what I call a 'managed meltdown’

• Share price plummets 70% in a day
• King resigns and goes to ground
• Adam goes to ground
• Shares suspended indefinitely
• Debt position magnified due to share drop
• Margin calls not defined due to suspension
• Key Compliance executive resigns
• Other key staff resign
• Brings in 'advisors' (corporate undertaker) KordaMentha
• Stella sold at below cost
• shares in HFA etc sold below value
• Leisure & Living to be sold to cover debt
• MFS Div Trust to change its name because of association issues
• MFS NZ suspended
• NZ calls in guarantees contingent debt unknown
• Short term debt reprieve by Fortress - good & bad
• PIF redemptions frozen for 6 months
• PIF Unable to fund commitments to builders etc
• CIY commences due diligence to buy FM business for nix
• Limited information to the market

Now if this is not a ‘managed meltdown’ I don’t know what is.