I would imagine the management are doing the best they can to achieve a decent result in circumstances. The mistake made was to agree to the market capitalisation clause on the 900m loan. If it was not for that AFG would not be in such strife. The problem AFG has is that is not in control - the banks are and they not going to give that up.
However, I do noth think it is that bad. I strongly suspect that, not including one-off losses to be incurred this year, the business is not actually in too bad a shape and will be profitable in FY09.
ann out, page-16
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