Sound points! Indeed Smedley & Plummer have all but cemented themselves as total failures in corporate circles. Yet they can lament & ponder in their million dollar mansions in Toorak & Palm Beach respectively whilst their disastrous decisions will inevitably wipe out thousands of jobs & millions of dollars of shareholder value. Not to mention the other directors who signed off on all this crazy nonsense (bordering on criminal)...clearly no due diligence of the acquisitions made (and ensuing crippling contracts) & the blissful ignorance that iron ore prices would remain high indefinitely. I dare so no scenario analysis to stress testing was completed. Shareholder/Lender class action & formal enquiry should be initiated immediately!
ARI Price at posting:
1.8¢ Sentiment: None Disclosure: Not Held
