Thanks seamisty.
The following is not directed at you.
One of the things I always got from WC staff is that Jenny is fantastic because she made a bucket load of cash for S8 investors on selling S8 to MFS/Octaviar. How's her record since? How long are her staff going to let her dine out on solely that success story.
Well the truth about MFS/Octaviar is it borrowed a bucket load of cash, over paid for assets and then promptly went bust. (a la Skase and Bond) I.e. S8 got lucky by flogging off the company to a greater fool. Hey, so did I. If I was born 5 years later I wouldn't have ridden the boom in house prices. But I'm not conceited enough to take the full credit for my good fortune. Conceit will get you in the end.
It's the same old story that lead the late great Kerry Packer to say: "You only get one Alan Bond in your lifetime, and I've had mine". (Packer sold PBL to Bond for $1B and then bought it back off him for $700m.)
And the smart money at the RACV are using the same principle to pick up awesome assets all over the country. Particulary it's Cape Shanck and Noosa resorts. Built for a bomb by the investors and bought for a song by the RACV.
If the RACV could plant Hutson's WC to manage the properties into the ground for a while the RACV perhaps could have picked those assets up for even less.
I wonder who Hutson will agree to pass our Forest Resort (Creswick) and Kooralbyn resorts assets to for a fraction of their replacment cost.
And with Australia ranked so lowly by the World Bank for investor protections, this pattern will continue for a long time yet ...
OCV
octaviar limited
