Administrators Report, page-25

If they (SM) rode this into the ground so that they could back door it into CL - then it needs to be looked into.

I never envisaged for a moment that LPD would become the lifestyle vehicle that eventuated. And I think personally, Joe was offered up as the sacrificial lamb. There is no way Joe is as incapable as many here claim him to be. PanAust was a basket case when he took it over and transformed into a multi $B company sale …..I would suggest those involved with SM have lined their pantyhose and found a less regulated option to play within. IMO.