Ann: Management Update, page-15

Board felt they were being misled by management. Smelled smoke found fire.
Doing something about it

Key now is not trust with equity holders l; it’s whether they’ve got themselves locked out of debt markets.

As much as buyers of the recent bond issue are probably grappling with that taste of vomit in the back of their mouths right now; I’m sure the board would at least be happy that they don’t have any roll over problems to contend with in the next 12 months. Unless perhaps mac want to pull the warehouse

This becomes the real hand break on growth

See silverchef too - Does it not surprise anyone to see all these finance companies blowing up in probably the best most stable credit environment of the last decade