centro chinese investors get hammered, page-9

and my comment on Crikey about the great debt sell off/rip off.
"The biggest loss of value was only in the last year when local (& ?some overseas) banks sold significant amounts of the Centro CNP debt at discount (40-50% discount).
This is the same as the bank selling your $1 m mortgage (for your $1m house) to your neighbour for $500,000. Now you owe the NEIGHBOUR $1m when he paid only $500, 000 for to purchase your loan form the bank. Wouldnt you be outraged at the bank for having sold it off and not offered it you first??? Maybe you could have sold the house for at a smal discount ($950, 000), ,lost $50,000 on the value o the house but paid off the mortgage and pocketed $450,000 cash!!!
It is BIZARRE that the CNP board could not have picked up some of this debt at such enormous discounts. They had some cash; they paid a signficant amount to their advisers.
The board needs to explain."