babcocks brush with death, page-16

copy of exchange of correpondence I had with Michael West,a couple of weeks ago.

Maybe of interest to you.....form your own view of this person (not only in the content of his written abilities) but his response to me and his subject header.

--------------------------------------------------------

From: MY NAME REMOVED
Sent: Friday, 13 June 2008 8:52 AM
To: Michael West
Subject: Re: poor person


Kindly advise me of the name of your Manger Michael.



----- Original Message -----
From: Michael West
To: MY NAME REMOVED
Sent: Friday, June 13, 2008 7:50 AM
Subject: poor person


hi

clearly u got it wrong and lost money and have decided to shoot the messenger ... who's had it right on this particular story since the start

wake up. insulting me is pathetic



--------------------------------------------------------------------------------
From: MY NAME REMOVED
Sent: Thursday, 12 June 2008 10:59 PM
To: Michael West
Subject: POOR JOURNALISM


This is a very poorly written article.......you make all these generalizations, without quality or content to back it up . Showns lack of ASX disclosure research (or lack of understanding of same) See some key illustrations below:

http://business.smh.com.au/babcocks-thin-lifeline-20080612-2pho.html?page=1

eg :This little pearly from page 1:

....................................."The fate of Babcock & Brown now hangs in the balalnce...."

and a few paragraphs later:

....................................Today, Babcock and Brown became a political issue. It will survive for some time at least and there will be trading opportunities for the savvy and the foolhardy. It could recover.

( IT COULD RECOVER ),,,,,what? - A great business jurno....you are not.


http://business.smh.com.au/babcocks-thin-lifeline-20080612-2pho.html?page=1



Suggest you brush up on this :



http://www.smh.com.au/ethicscode/index.html


Credit crunch and associated fallout of a small number of companies......and this style of business reporting has been a real ego stocker for you Michael.

This time however, you have picked the wrong company..................and you will be made to look a real goose in a couple of months.

Kindly advise me of the name of your manager, and his/her email.

----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Examples of......at best poor journalism, or incorrect information. based on offical ASX disclosures.

1 ."Over the coming four months, its 25 bankers will pore over the numbers and work out if there is a way out of this mess."

COMMENT: Banks have only just approved the new finance pakage in Feb 2008. Should the share price increase above the trigger value, at the end of 4 months, banks no longer have the option to review.

2. "The model is busted"

COMMENT: So who do you suggest should own ports, highways and insfracture.......the Government (like Russia) , or maybe the banks - why not banks fund and own ports from retail investment funds.....or maybe QANTAS can do a rights issue to raise $10 billion to own an airport or their entire airline fleet. The model is not busted.....BNB gear at 9% and achieve return of circa 30% on their assets. Why not read and understand their disclosures.

3. "The maze of guarantees and cross-guarantees, the loans between various vehicles.......will have to be evaluated"

COMMENT: There are no cross shareholdings or laons between listed funds>>(ASX disclosure today)

.
4. " Although their immediate focus will rest on a credit "review'', which was triggered by the collapse of the stock price beneath $7.50 today, the damage to the Babcock brand may be irreparable."

COMMENT:.Your own most contradictory comment, later in the same article:With the BBIPL stock, the price of the review event would come down to around $6.58 per share. That would mean that Babcock shares would have to trade above $6.58 at the four-month point before the banks could demand their money back. Today the shares closed 27.5% lower at $6.90.


I await your advise...re your managers name. A copy of my email has been presented to hotcopper and other bloggs.


SIGNED

MY NAME