IT may have been too that if the Recap Plan went ahead and the banks got back their 55 cents in the dollar, that Blackstone/GSO would have wiped out shareholders via dilution and eventually taken the company over. Then Arrium's board may have escaped possible investigations by an administrator and even ASIC. And hopefully, with the shareholders gone, a class action lawsuit could have been avoided.
Thankfully it didn't work. Not only will the banks get answers from Korda Mentha's investigations but hopefully shareholders as well.
This would probably explain why Smedley and Plummer could only offer "No Comment" or were not available for comment when the media called - given these faceless men were paid so much of Arrium's shareholders money for many years we will get answers.
And these dickbrains just may have their day in court too if there is a class action lawsuit.
