100% agree Joe. M8 in hindsight there are no redeeming aspects about the MIN M O.
But; The worst feature of the demise of Empire, was the blind stupidity of the Officers of the company, and moreso the sublime indifference in shareholder ranks to the apparent ineptitude revealed in the way the company was progressively sold down the drain.
Over several years, there was a good deal of activism pointing to the weaknesses in the way the company was being run, and the B&M had the galling contempt to further close ranks and pull the curtains on any transparancy regarding important failures in their operational outcomes.
When came the time for shareholders to "man-up" and elect alternative candidates for Board positions, it was bloody tragic that the apathy inherent in voting cut that means of intervention off. Perhaps this is typical of what happens when there is a disconnect between the shareholders and the performance of the Company? In my mind nothing was done by the officials of the Company to overcome that problem, rather it appeared to me they sought to rather exploit that disconnect to marginalise accountability.
Surely as every interested shareholder (think loser if you will) would understand, the arrangements for the borrowing package which ultimately brought about the demise of the company amounted to a very questionable and despirate "all or nothing", final gamble.
This was an illconceived faite accompli which exposed the assets of the company to unacceptable risk. In my opinion, the circumstances of the borrowing package did not appear to have been sufficiently established around ensuring the best interest of shareholders would be protected.
Moreover the steps taken to lock in the borrowing package would still seem to have been influenced by some indifference to due process, and perhaps something akin to a rogue expeditious disregard of shareholder interests. Given the outcome? The people involved must surely rate very poorly on the scale for measure of Good Business Practises 101?
Can you imagine how anyone who has been closely involved in presiding over such a shambolic exercise in business futility could ever take themselves seriously again? Let alone look in a mirror, or believe themselves competent to be in a business boardroom again.
EGO Price at posting:
0.0¢ Sentiment: None Disclosure: Held
