Ann: RNY debt update-RNY.AX, page-10

I'm confused by the lack of disclosure by management. They seem to love going months with no ASX announcements. Then they deliver all the bad news in one hit, but still seem to give as little info on the situation as possible.

The line in July about if they fail to meet certain leasing and asset sale parameters, well then equity upside is forfeited. Do we know what the parameters are, have I missed them somewhere?

It feels like the lenders are controlling the whole process and happy for the process to recover the debt with minimal equity left.

I'd also wonder about the 7 properties that haven't been in the full marketing process yet. Maybe if you had a strong suspicion they were valued more fairly there could be value in this situation. I don't have a clue about these properties versus the first 12. Without knowing anything the way they operate I'd be worried these ones are even harder to sell? All too hard for me as you can probably gather! I feel for those holding because of the poor disclosure. I certainly still suffered plenty despite getting out a few months back.

We can't be too harsh on ourselves getting involved in the first place, I am sure Forager and Sandon don't feel that great either.