announcement, page-39

I've never understood the stance of management throughout the Centro fiasco (Rufrano was no better than these guys).

The only conclusion I can draw is that management have always acted in the best interests of employees, including themselves. Managements actions have been to ensure that Centro continues, regardless of shareholder's interests.

As others have said, why not tell the banks to be reasonable and take a haircut along with shareholders or else get lost? Worst case is the banks foreclose, but is it in their interest to have a firesale, plus all the negative publicity. I think they would play ball if Centro management played hard.

Of course, management might then be a hero to shareholders, but the easy way out is to placate the banks (and the banks would remind management that what comes around goes around so far as their careers are concerned) and ensure everyone keeps their jobs.

That seems to be the main purpose of the exercise.

cosmos