Interesting to see the rewording of BCS statements on whether wind-up will remove obligation to pay further instalments.
On 5th March BCS announced that a wind-up "will IN NO WAY extinguish unitholders' obligation to pay the outstanding instalments" ...yet in today's letter to shareholders, this has been noticeably amended to say only that a wind-up "will NOT IN ITSELF affect the legal obligation of unitholders to pay the instalments"
(my capitals in both cases)
Might one suppose that the reported Deutsche Bank statements have left BCS less certain of their position?
The rest of the letter continues the apparent BCS "all stick, no carrot" approach to this mess - i.e. yes,the second instalment will be pouring good money after bad, but you the unitholders are stuck with it, so pay up or else. If I've read correctly, it also seems to include a nice side threat that they'll accelerate their fees if anyone succeeds in removing them as RE! The repeated reliance on unattributed or outdated broker valuations (which still seem to show most of the second instalment disappearing down the dunny along with everything to date) in lieu of BCS themselves attempting to place or justify any value in the status quo is shocking, and I suspect Judge Robson has picked this up already.
BCS Price at posting:
0.0¢ Sentiment: Hold Disclosure: Not Held
