one more time just for old times sake, page-11

Imperial - the song is a re-post from a week before the last extension. I am not sure who wrote it but kudos to him!. This is my original post:



Centro’s ship of true believers


The cataclysm surrounding ASX-listed Centro Properties is expected to reach a breaking point by April 30th, sometime before 12.00 noon, Eastern Standard Time.

While almost all institutional investors have abandoned its share registry like rats from a sinking ship, Glenn Rufrano is determined to bring the behemoth listed property trust to shore avoiding the piracy of its prized assets or further diminution of the value of its current equity.

Harbingers of doom have been sounding the warning sirens for weeks as the mainstream press has warned of a titanic catastrophe.

All have run for cover except the day traders who surf the volatility in the swelling tide of rumor, newspaper reports and omens.

Some have mortgaged their houses while others have maxed out their credit cards to double up their investment in the ASX-listed entity and average down on the price of their holdings.

With names like Badjelly, Cryptomonicon and Mr Wednesday, traders on Australian stock market forum website, Hotcopper, have been preparing for Centro’s April 30th announcement – D-day - since their disappointment at the share market’s reaction to the news of its debt refinancing extension earlier last month.

These traders are divided on the short term prospects of a bounce in the share price of Centro Properties following the the April announcement - but unified in the belief of a long term recovery in the prospects of the entity as a going concern.

They share information and analysis using specialized jargon and idioms like short wave radio operators exchanging secrets during occupation or siege.

Most hold firmly to the belief that it’s not the direction of the fierce wind that matters – it’s the set of your sails that really counts.

And they have confidence in the skills of CEO “Uncle” Glenn Rufrano.

One forum member named TweetyPie claimed to receive an email from Mr Rufrano and posted it in a thread of discussion.

“I understand your concern. Centro has it' earnings call next Thursday at which point we will discuss the half year results and give a variety of updates. You may also have noticed I sent a letter to the Age to correct earlier mistakes. Thank you, Glenn”

Other forum members have been pooling their share holdings to reach 5 million in an effort to have more influence as stakeholders and advocates against hedge funds who they believe are manipulating the companies share price.

While forum true believers like Hardluckminer, Buffett and Giddleberry study their charts and gaze at the trends forming, one forum member named Darboard was even moved to write a song:

From a post titled “What did you do in the Centro War, daddy?” and apologies to Jimmy Barnes he wrote:

“left my heart to the cappers with 10 grand
And my soul was sold with my certificates to the Blackstone hedge fund man
I've had the Centro shops cold turkey
From the ocean to the Silver City
And it's only Hot-Copperites could understand

About the long forgotten bank loan guarantees
How there were no day trading heroes in 1973
How we sailed into stormy waters
Saw an old friend but I couldn't short her
She was sub-primed, but I was loaned in the lucky land

And she was like so many banks from that time on
Their accounts were all so empty, till they found their chosen one
And their rates were often open
But their loans were always closed
And their assets were held in suburban fast food chains
And the legal pads were yellow, hours long, dividend stream lean
And the paper-column writers clattered where the shoppers once had been
But the car parks made me jumpy
And I never stopped the dreams
Or the growing need for a rollover and a divvie plan

So I worked across the country end to end
Tried to find shopping centres to sell off, so my mixed up life could mend
Held a job refying car-loans
Snipping commish there when I could
But the Alt-A’s nearly drove me round the bend

And I've travelled round the banks from year to year
And each one found me funds less, one more year the more for wear
And I've been back to South East Asia
But the answer sure ain't there
But I'm drifting north, to check Blackstone again

You know the last loan out of Centro’s almost gone
Only seven trading days, and I'll be reading what went wrong
There ain't nothing like the kisses
From a jaded HC princess
I'm gonna hit some short term punters all night long

Well the last loan out of Centro’s almost gone
Yeah the last loan out of Centro’s almost gone
And it's really got me worried
The funds are nowhere and I'm in a hurry
And the last loan out of Centro’s almost gone.”

While the mind boggles it remains to be seen when the ship finally reaches shore whether it will be sailing under the auspices of the Centro flag or a dark cloud concealing the Jolly Roger.