further more JC could have dealt with note holders and the financial stability of AZZ by selling brietburn shares when they were $20. i don't believe they were subject to an escrow period? this would have been more prudent management and would have avoid the dilemma we now find ourselves in. management would have known that Macquarie weren't about to let them use their LOC to pay out note holders.
again it might be easy for us to say retrospectively this was the thing to do, however when you are paid top dollar, it is implied you have the skill set to mitigate risks such as this.
at some level it appears that management was more concerned with keeping income drivers for their wage rather than the financial solvency of the business.
it appears that lack of a plan for the company and the falling oil price manifested into management having to do something with most doors closing at quick clip. hard to have note holders or sh with much faith left in management now. management have always seemed arrogant when announcing positives now they are MIA when it is a mess.
in saying that i really do hope that note holders vote against VA, as that pretty much fudges sh into the ground.
AZZ Price at posting:
50.0¢ Sentiment: None Disclosure: Held
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