bugga

"Times tough for hobby farmers like Babcock & Brown's Phil Green

YOU know times are tough when investment bankers start offloading their hobby farms.

Sacrifice the yachts, the cars, the brats' gaps in London and the wife's new boobs - anything but the farm.

Unfortunately for fallen Babcock & Brown wunderkind Phil Green, parting with his beloved Glenrock Station near Scone in the Upper Hunter appears to be not so much a last resort as a pressing necessity and word is the 30,000ha of Elysian pasture near James Packer's Ellerstone Station is being touted with a $30 million plus price tag.

There were murmurs earlier this year that one of Green's partners in pasture - the equally discredited Tricom boss Lance Rosenberg - was urgently in need of a buyer for his stake in the property as the foundations of his own fortune were assaulted by margin calls.

And questions were asked at the time as to why his mate didn't just buy him out.

Now we know.



By Peter Gosnell

September 09, 2008 12:00am"

Bugga poor fella has to give up the farm, might be able to sell shares in it or spin it off to a satellite (very overpriced of course) then charge fees to let him manage it of course.