balmain trilogy response to city pacific, page-9

Well, if our past experiences form our future opinions, then City's lies through 2007 - 2 March 2008 lead me to believe that nothing City states has any real foundation at all.

Even Michael West (SMH) complained on ABC radio as to City's behavior.

If one wants to 'live in hope, and die in ****' then that's up to oneself.

CP1 is cranked up to maximum debt + capitalised interest - and the questions for me are "just who holds viable security?" and "Are personal guarantees held (from spouses too)?", and "Which entity holds such guarantees (CBA/FMF/CIY)?".

Certainly CP1 (with City as manager of the Fund and as relative to CP1) has been treated well - on the other hand, the Fund has been raped - $36m to CP1 ($18m to City, $18m to the CBA) in March 2009. And what did the fund get? Well, amongst other worthless bits and pieces, it got a worthless second mortgage on Marina Cove. (now the First (and Second) Mortgage Fund - F(S)MF)

Now, if you're a shareholder in City, it's great news - for me, it's 'giving me the finger'.

I'd reckon that the fund is worth less than any value City gives. Mug might be taking it too far, but on the other hand, he might be just a bit too generous.

From City, 'impairments' are losses (Sullivan), but on the other hand are not losses (Ellis) - things are getting better, no they're not.

First Ellis said that he had to seek the CBA's permission to pay distributions/redemptions, then , after the $36m grab was made, when Ellis was asked whether he had to seek the CBA's permission to pay $18m each to City and to the CBA, he wouldn't answer the question.

We don't have debt now because Fortress has come along Fortress as a 'white knight' (Sullivan) -- but on 11 June 2009 (Update) they told us that Fortress is another lender for which the fund is liable (Ellis) - Just a shell game, splitting the CBA facility into two. In fact, the debt has hardly been paid down.

City stated that their priority in the Fund was to 'pay the facility down', but when they get money in the Fund, they pay their own facility down.

With City, the constant thing is change. They'll morph into whatever they need to be to please those they need to please at any particular time.

For me, I'm sick of their lies, and want to see them gone.