This is what I mean about a detailed investigation well beyond me wasting my weekends...
Why do we have to piece things together with media info when it is too late for shareholders
Why was this 30m liability not disclosed to the public at the time? Why was it required when DSH had significant debt facilities in place? (timing is no excuse, this gets managed)
eg.
Street Talk can reveal that Macquarie Group, now one of Dick Smith's largest creditors, signed off on a $30 million trade finance facility late last year which enabled the company to re-stock all-important Apple products leading into the Christmas trading period.
It's understood Dick Smith agreed it would re-pay $10 million to Macquarie in December, and committed to another two $10 million instalments in January and February.
Sources said Dick Smith's syndicated lenders - which included National Australia Bank and HSBC - were unhappy with the arrangement and used the new trading facility as a reason to pull the plug and call in Ferrier Hodgson as receivers and managers.
