why call administrator now, page-9

Pooh, that didn't go well at all.

I was proved 180 degrees wrong yet again, and many others were too.

I think that in this case David Clarke et al just gave up the fight more than anything else. They felt that they were essentially being asked to liquidate the business at distressed prices by the banks in return for repayment extensions - i.e. what an administrator does but with the current management having to take personal responsibility when at the end of the day there probably would be no share holder equity. They did what felt right and downright appointed an administrator to just do what they were going to do in any case.

Basically they said there is no point, at current prices once all the 'asset offloading' is done there probably will be nothing left. This just seems to indicate that prices being paid for assets out there aren't just 15 or 20% under market, they're probably half book value or something similar.

Lehman's collapse caused this, mark my words. If Lehman hadn't gone belly up such a massive dislocation in September and October would not have taken place.

Sorry tale but oh well -- We all take risks, after all without risks there would be no reward.