MypravdaIf you have a few days to spare, I would suggest you...

Mypravda

If you have a few days to spare, I would suggest you read the archive of posts on OZL where you will find the speculation regarding your questions. Unfortunately there are no answers and most likely we will never know the real story of what has happened here. There is certainly a bad smell about this company, starting over a year ago, and it has been intensifying of late. I just don't understand why the large shareholders aren't out there yelling and screaming about how bad this deal is. The fact they are silent just reinforces my view that there is still a lot we don't know about the past 6 months. Perhaps there are more conflicts of interest than we know about already. AM and OH……well most HC posters (myself included) have pretty strong views on how these guys diddled the shareholders. And now to see OH walk away with Martarbe (presumably with a middleman involved to distance him from any accusations of getting a special deal) is just abhorrent. But I also wonder where the banks fit in – apart from the enormous fees they have been extracting, could they somehow profit from this sale of assets (other than, of course, recovering their capital). Nothing makes sense (from the viewpoint of the people who own OZL).

Finally, I think most OZL shareholders have suffered so much pain, they are adopting defensive strategies…..shut out the news, forget about the past (and even sell at a loss) etc. The vote on this deal will be interesting. I wonder if OZL will start phoning the shareholders in order to canvass how they will vote? Back when ZFX was voting on the "merger" with OXR, ZFX phone polled shareholders. I thought this was very strange at the time (and a complete waste of money) because the deal was a no brainer (at the time). So, I suspect AM will do the same with the asset sale. Of course another possibility is that he has all the votes in his pocket already i.e. the large shareholders are already falling into line…but if so, why would they?

And finally, I wonder why the press aren't all over this? Good to hear about the one small article in the Fin (other thread) but surely this dud deal is more newsworthy than that.

Cheers

Fly