THEPENNYGURU
Just a quick question to clarify how CMI is in control.
If CMI is second ranked creditor behind NAB, the majority of the debtors are financed, the assets are really worthless. The 2010 accounts showed the business was bearly generating cash and was swimming in debt.
1. Who would buy it?
2. This would be no different to Babcock & Brown where the debt was greater than the value of the underlying business, so once again who would buy it?
3. How is CMI in control when it ranks 2nd after NAB?
4. CMI convert the $17m vendor loan into shares they will get 45% of the company, still no control.
Can you please help me understand how CMI have control in this situation?
The only way I see any recovery for CMI is if they can find a buyer on Hoffmeister behalf and do a deal with Hoffmeister to sell his ownership for nothing. This may be a better option than Hoffmeister folding up!
THEPENNYGURUJust a quick question to clarify how CMI is in...
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