So what you are saying Gambier, is that Gunns paid ITC $128m for...

So what you are saying Gambier, is that Gunns paid ITC $128m for a mill/assets they themselves had only previously valued at $100m (premium to ITC $28m).

Then the next minute they wrote off a significant $ amount in stock (inventory) that they could not sell for book value;

Then they closed one of the two sites because it was not viable;

Then they flogged the Tassie mills because they were not viable.

And now all that is left is Heyfield which they are struggling to sell for $28m...

I think your post reinforces the sentiment of PT. GLE may not have any choice, but the situation would appear to suggest whom ever did this deal for Gunns is hopefully not still on their payroll...it has been a disaster.