Ann: Update from the Receivers & Managers, page-9

Asx rules should ensure investors are fully informed re the financial state of the company. This was clearly not followed. The decision to close the hedge - by far the biggest decision in the history of the company - should have had prior communication to shareholders - maybe even put to a vote.
also , if Macquarie sold even one share while receiving information the rest of the market were not aware of then they are guilty of insider trading . Regardless of their position as financiers they were also shareholders and subject to insider trading laws