hastie in receivership, page-49

the guys who got it wrong ( including me of course) are the 2 intarnational groups. I never believed the recapitalisation plan making the company substantially debt free - not with a looming $150m+ class action .
They must have believed that the banks would not bring on a formal administration ( thru receivership) but they should have reckoned that the directors would chicken out thru the voluntary administration.
if they were truly interested in recapitalising the company ( because of value in HST shares) they should have lodged a conditional takeover offer which would have stymied any precipiate action from directors or banks . as the due diligence proceeded and the accounting irregularities emerged then they could have varied the offer to suit ..and as things progressed the conditions could have been lifted.
what developed was a truly gruesome display of chicken with the players being the unions ( your jobs are safe), the directors ( our professional said so) , the banks ( we will appoint a receiver ..really) , the suitors ( we're interested really ..don't worry about that class action ) and lastly the pathetic shareholders ..none of whom would stand up and say " I nominate as a director".
shame on all of you .