AM: "But you’ve got four different facilities and they’ve got different assets associated with those facilities. You have different banks involved with each of those facilities and we’re the only bit of glue between them."
IO: Just on a more general level, why do think you’re having these problems when you’ve clearly covered so many times by the value of your assets?
AM: I think it’s a real indication of the lack of liquidity in the market for funding organisations.... blah blah blah
__________
[RE]INTERPRETATION:
AM: I blame the current market conditions, lack of liquidity, banks playing "hardball", etc etc It's nothing to do with any of my key decisions ---- such as getting rid of the previous CFO in the current market conditions and with the looming prospect of an extremely complex bank refi ("four different facilities, different assets... herding cats")..... which could tip the company over the edge.....
_______________
"herding cats" discloses something of the 'quality' of relationships amongst the banks themseleves and their respective relationships with OZL
If (in AM's own words) "You have different banks involved with each of those facilities and we’re the only bit of glue between them", WHY would you exponentially increase the risk by dissolving any of that "glue" eg. by removing the old CFO. What does that say about judgement - and ultimatey, competence?
IMO an interesting perspective is revealed in terms of the PASSIVE mindset of this invisible CEO - ie, a "victim" of circumstances (eg. market conditions) rather than a dynamic and PROACTIVE leader who plans for and responds to what are undoubtedly challenging times, keeps the market and shareholders regularly informed through appropriate diclosure, seeks to maintain/ promote confidence etc etc
Too sad.
(This is observation and personal opinion only)
OZL Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
