Ann: Appointment of Voluntary Administrators, page-35

I don't like picking up pennies on the train tracks. Your risk profile is obviously much different to mine.

I can't say PAN was not investment grade either. It did deteriorate into VA. The problem with PAN is the mis-representation. BOD and Management got desperate to a point where the FY guidance became a work of fiction. At which point I was happy to get out at a relatively small and manageable $23k loss to my $4.8m ASX portfolio.