After re-reading my post stating that posters on this and other sites were responsible for the dumping of the share price I accept this was more a reaction to the ridiculous post aimed at myself purporting that I be a 'stooge' for MacBank, Rowe etc...
My understanding is that MacBank have not 'dumped' all of their shares. I was of the understanding that Belike Trust still owned a major percentage ? I could be wrong.
You also have 'Pictet' a major player in utility and infrastructure based in Geneva as a major shareholder and supporting the project.
Whilst many shareholders are looking for someone to 'bail them out' I do not think there will be a 'white knight'. The project has guaranteed funds, the state govt. is guaranteed their infrastructure, MacBank and other (Deutsche I think) aresn't overly worried about a $100mln further investment if the unit holders fail to cough up.
And finally, the terms of the underwriting condition is that Brisconections must take all reasonable action to recover the money from the unit holders before the underwriters are called to guarantee their payment.
This 'reasonable action' will not be a polite phone call. It will involve civil action and bankruptcy if necessary. Otherwise BrisConnections wont get their funding from the udnerwriters.
It is obvious that I do not have a vested interest otehrwise I would not be posting 'ideas' on how to avoid the installment payment. Again, I reiterate my only involvement is from an outsider who finds the whole affair surreal.
BCS Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
