Unfortunately it doesn't work that way - without the recap deal...

Unfortunately it doesn't work that way - without the recap deal SC Lowy is entitled to the $170m of un-conpromised debt, so shareholders will be left with nothing after the assets are sold off. Rosethorn and SC Lowy are now working on an alternative deal that achieves a similar outcome to the recap but with Rosethorn taking all the existing equity for himself.

The only hope for shareholders is to get the original recap deal back on the table but that is unlikely when you have a board that is working towards an alternative deal that transfers all the equity to Rosethorn. It is no wonder that the board went to such lengths to avoid a spill.

You should all be contacting the chairman, Don Telford, to find out what he is doing to protect the interests of all shareholders rather than just Rosethorn. It is farcical that he and Mark Rosethorn can continue to serve as directors when they are so clearly conflicted and lacking in independence.

Anyone associated with putting this deal together deserves to have their actions exposed for what they are. The level of treachery and deceit is beyond anything I have seen before. Even the administrators have been caught up in these underhanded dealings.

The real mastermind behind this entire plot is the CFO, who has put his private equity background to good use. I expect the Myer family will be happy to have such a cunning operator as their new CEO.

Rosethorn still claims to be worth a $100m or so, which is good news for shareholder that wish to pursue a class action. Bring it on.