• 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.
MFS Price at posting:
0.0¢ Sentiment: Sell Disclosure: Not Held
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