baycorp sale, page-10

That does make sense and ANZ have exited an unwanted inherited position. Does HCI have any cosy relationship with current management ? ie. we get the cap return and then HCI makes a low ball offer for OCP, essentially Baycorp, and OCP management recomends the offer is accepted and are rewarded down the track with board positions etc on Baycorp when HCI takes out the other 50%. Just seen it happen many time's - all above board as managmenent seeks "" independent valuation "" of Baycorp holding. The amount of profit in this play ( which there certainly is ) is dependent on the integrity of current management.