Ann: Market update , page-34

W534220 I think your post is perfect. Its exactly what can happen in a situation where management and shareholders are no longer aligned. Where a company is fighting for survival often its impossible for the relationship to remain aligned.

In this case I sense that long ago it became clear that shareholders were no longer in charge of the management relationship and you cannot even change the management as the banks would become more nervous.

That's what has concerned me is that in any garage sale the best goes first and that is the same here in my opinion with the only caveat that the largest item they could not solve was the Agri business as the debtors are large and the whole operation would have to fetch enough to deal with bank exposure. However even now more and more is being sold off and in the end you have to believe there is a logical business left. I think there is but I am not sure that there isn't a black hole in the live export issue.

I think you are very correct that there is a chance that the losers in this are the existing holders and break-free fees - I think that there should be a limit on the fee as a percentage of the deal that prohibits any poison pill.