Ann: Administrators Appointed, page-80

Yes that is my feeling too. I think Macquarie have made the calculation that they can get more money, sooner, by going this route, than by allowing CAI to trade out of their debt.

I'm not sure how they were able to do this unless CAI were not meeting their obligations under the recent debt and hedge restructure agreement. That would not square with Dave's recent comments of $12M in the bank. Maybe they had a clause permitting them to pull the pin if they had 'reasonable cause' to believe the borrower would not be able to meet their obligations.

Looks like some dirty business to me. However there is no indication from CAI that they intend to fight it, instead appointing joint receivers to retain some control of the process.

One thing I've learned over the years is that Macquarie usually comes out on top. Like other's here, I'm now resigned to 100% loss on CAI. A sharp contrast to last week when I still felt confident that we would see the SP above 20c by Christmas. Certainly a bad start to the FY.

All IMO.