survival of a state, page-8

Sorry Ik,can't say,but with the various schemes falling like nine pins,it is all in the courts and the lawyers cases.

You really need to do some research as to where your investment and terms and conditions lay,as myself is in a stoush with Bendigo bank,and the directors RE-GTP,TIM,and wilmont forestry,also Mac's tree plantations

Timbercorp can rue distrust of MacBank September 2, 2011



Poor Macquarie Group, it can't get no love even when it is offering licks of cash to buy something.

Amid the long Timbercorp judgment, delivered in the Victorian Supreme Court yesterday by Justice James Judd, was a cute piece of history about a failed takeover of the cut-down plantation company.

The apologetic Justice Judd (not, Insider hastens to add, that the judge was sorry about either the quality or result, just the many pages taken to get there) noted that from September 2007 until late November, Timbercorp had granted Macquarie an exclusive negotiation period for the acquisition of all shares in the listed company.

While that exclusivity expired in November, Macquarie was still keen in December of that year, and an indicative price of $1.60 a share was being discussed - which by Insider's calculation valued Timbercorp at more than $550 million.

By January 2008 the market price had fallen to near $1 and ''by mid-January 2008, when Timbercorp management was confronting a cash-flow challenge, Mike Symons of Canterbury Partners informed (Timbercorp deputy chief executive Sol Rabinowicz) that Macquarie had left a message concerning the proposed acquisition'', Justice Judd wrote.

''He sought approval to contact Macquarie. Mr Rabinowicz responded: 'Symo, All MacBank did was insult us (when we were on the back foot). Now that we are on our knees they are likely to be more insulting. Don't mind engaging again but no more DD (due diligence) and be ready to walk quickly if necessary. Suggest u also confer with Kevin (Hayes, chairman) and Robert (Hance, CEO), Sol.'''

Insulting maybe, but had Timbercorp ticked off on Macquarie's bid, there might be a few happier investors these days considering that, when insolvency specialist KordaMentha took control in 2009, the company had been white-anted by close to $1 billion in debts.


Read more: http://www.smh.com.au/business/timbercorp-can-rue-distrust-of-macbank-20110901-1jo80.html#ixzz1Wy5vNhwF