Lord,this is a brief that the 9 tree schemes that were snookered...

Lord,this is a brief that the 9 tree schemes that were snookered into Gunns by the SO called voting by the liquidators of the great Southern Plantations over 12 months ago aprox.

Unknowingly as it came out after that GSM had subsidary companies,that were salted away under as xyz Pty.Ltd in each of the schemes.In retrospect it was not noted in the prospectus that GSM had done this,or had or intended to do this.
It first came to light,in hindsight when I believe one of the harvests in the early 90's fell short of the 250m3 of plantation cropping.

This all came to light when after project transform fell over,and ANZ declared themselves as secured creditors on the land that had been hocked by the valuations done by Elders(who by the way are now a whole owned subsidary of Bendigo bank---how the valuation was done on the land and also the trees if they were included leaves a contentious issue).

Shotly after ANZ on the demise of GTP,picked up the assets of GTP,the mill processing AND the treeplantations that accounted for roughly-but not quite 30% of each of the 9 schemes,

The voting and the so called best interest for growers and that Gunns had to scratch up $300 million to pay debt in Gunns and then be able to get the better grown E.Globulus that grow on the mainland are all history now

I have glanced over it but there are sufficient comments and web accounts on how this event happened

as always DYOR
cheers