When you say cutting themselves from Allco what do you mean. My understanding is the the Allco receivers will sell the Rubicon management rights to the highest bidder for an ongoing fee stream not hand back the management rights to RJT for nothing. I wouldn't of thought RJT would be allowed to buy back the management rights as all cash is earmarked for the banks. Unless Rubicon lose the right to manage RJT, for example because the required insurance has lapsed as per last announcement, I cannot see how we can get out from under their yoke. The B&B satelites bought back their own management rights from B&B but they weren't yet uder control of the banks.
If you have some knowledge of RJT buying back their own $4.5Mpa management fees I would love to hear it. That would in fact be a win for the banks as well because it speeds up the loan repayments with additional surplus cash flow.
cheers
RJT Price at posting:
0.9¢ Sentiment: None Disclosure: Held
