Hello Duped,
I wish I knew more/something about accounting to understand how a profitable industry leader can be valued at nothing and the profits be so small..??
I can see similarities to this explaination of Private equity actions.
http://www.stockhouse.com/Columnists/2008/December/12/How-private-equity-deals-will-deepen-the-recession
NOTE:
The paragraph about PE buying a 'target' with a little equity and loading up with debt and getting that entity to actually buy itself whilst giving the PE advisors big fees.
Really...I see no comparison to PIF because to me PIF is the Private Equity vehicle inside MFS.
Frankly the plan of having PE being PIF extend loans to developers, also part of MFS,who then added their projects into a growing chain of Holiday let appartments sounds a good idea.imo
What went wrong?
It looks like accountants can work to a best case method
and if required a harsher worse case method.Just my opinion.
I was under the impression that Stellas debt was mainly the UBS lot and perhaps the Global Holding CO had some debt of its own which wasnt actually part of MFS and the intercompany loans??PIF? Who knows.. because its all confidential now and we only know what we are fed by media.
It comes at a time to deminish hopes for anyone wishing to sue MFS...doesnt it?
This article has some good points on that subject..
http://www.theaustralian.news.com.au/business/story/0,28124,24862994-643,00.html
Plus PTQ and creditors are being deterred imo.
Is there any hope ??
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stella breaching loan .. rolf is out of town., page-7
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