Seems to be the MO for QLD financiers. OCV and now Raptis. Create a web of companies to shuffle $ between to avoid trading insolvent. Then when there's $B+ owed and a spit of cash left, call in the Administrators. Administrator says: Go with the DOCA or get nothing. Unsecured creditor takes massive write down and the financier gets to keep theri snout in the trough.
Lesson learnt: don't take anything but secured 1st mortgage. Oh hang on a sec, wasn't that what PIF was being marketed as? Grrrrr.
OCV Price at posting:
99.0¢ Sentiment: None Disclosure: Held
