You shouldnt make anything out of a Watpac requirement for a good name because they are a billion dollar company and AAM is now an ant sized affair. Watpac have leverage and their west Australian division will use it at every opportunity. There is no one to pull them into line so there will be cost overuns aplenty you can bet on this. They make a lot of money on the extras and we just dont know what the BCM rate will be at the end of the day. I wouldn't mind betting they have already made their money and the rest is just cream.
Michael Hunt is charging AAM the double billing whammy of directors fees ($100,000 pa for his good name)and legal fees (probably standard minimum 15 minute units @ say $500/hour). Additional to this is the constant demand AAM is forced to have for Hunt&Humpry legal advisors which doesn't show in the public accounts.
The other board members all have other vested interests of there own and will not question each others accounts.
There is no MD which makes it all the more insidious.
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