Ann: Administrators Appointed, page-142

Hi Watchfulbull

A large part of my decision to be in CAI is I trusted DR. I still do. With hindsight it is possible to see how this could have gone very differently. At one point (a couple of years ago) a CR when the SP hit $1 to clear the debt (and the hedge was still in profit ... clear that too) and CAI would be cruising (even with the low grade).
DR believed in the project, told the market he wasn't going to do any CR's and unfortunately he was wrong. It has been a cascade of problems.

The fat lady hasn't sung yet.