Ann: Quarterly Activities Report, page-101

I forgot to mention that as the new CEO, AL would have been keen to deal with any issues found in the first set of accounts under her control.

There were 3 things

a). Asset writedown/ off of $190 mill, will save around $15 mill annually on depreciation,
b) inventory writedown, $6.6 mill from memory, stock will be written off or written down to achievable sale price
c) onerous contracts provisions, some one signed contracts with suppliers that LYC can not use the product or service, $16 mill paid out last year, I think there is $13 mill to go

On a positive note that should have cleaned out the skeletons from the past.