kpmg, page-7

is it really that simple grant?
"If you can with you hand on your heart tell me here, that you would have read the whole financials, noticed that OZ had some current liabilities and then not have invested in OZ, then I will change my opinion of your actions."

if kpmg didn't recognise the difference in the loan liability then it wouldn't have/couldn't have been reported in the financial statements as such.

nevertheless i agree with your argument entirely, we all made erroneous investment decisions and unless the money we lost can be extracted personally from the hides of OH, MM, BC et al then we must accept responsibilty for our own poor judgement.

the thing i still can't quite grasp is why the heritage OXR holders were precluded from the IMF action - weren't they (we/me) duped by kpmg/ozl management in exactly the same way?

i long ago accepted that falling in love with my stock blinded me and that i was being taught a very expensive lesson. and even if i had -
a) bothered to read the report
b) been able to differentiate between long term and near term debt
c) had any idea what the GFC repercussions would be

it was still my decision. and, even if i had been eligible to join the class action, i would not have done so.

the near death experience should be a salutary lesson for all, i would love to see the guilty punished but not at the expense of others who have already suffered. and as grant correctly points out $320m was fairly piddling in the total scheme of things.

PH is still a great resource and i sincerely hope they can unearth another PH or even a couple more in the vicinity. the SP is looking a little sad at the moment but i don't think that reflects the fundamentals at play. i know a few other ex-holders who are waiting for a re-entry.

good luck to all