pallanca question, page-17

"CK perhaps shareholders might draw heart from interesting prominent underwriter/s"


Assuming that the likes of Global are not in the business of losing money, past experience shows that there is a huge disconnect between the amounts CVI should have received from the theoretical placement prices and the amounts Global realised by on-selling the shares on the market. Accepting the reasonable fact that both Global and CVI could only share the 'realised' amount, the squaring of the books was achieved through 'investments' in Pensador, Fortitude etc, where the exact amounts that changed hands are unverifiable.

Obviously, for the above to work, all the aforementioned parties had to be in the know.



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