The real issue for me is that the auditors and directors never once took the cash flows to the logical process of how much was needed to get to harvest and what its implications were if you didn't get there.
The big players never get taken its always the little guy and often the elderly pensioners who have not got the resources to take the matter further. The litigation companies dont want any of it as a class action will yield nothing as nothing is left that the bankers haven't got their fangs over.
I think we deserve better and that the shareholders association should do more so that ASIC is forced to get these guys into jail if they behaved in any way improper.
I hold TODHA which had a covenant of 66.5% and in feb 09 the lvr was at 61% in june 09 its now 159% the same property etc etc its all worthless now yet it was valued in Feb 09.
Its all complex now and you cant sell the property because of the frower schemnes etc etc yet TIM are not servicing the lease either. The responsible entity is racking up fees etc etc yet the TOT is technically insolvent.
These schemes were and are outrageous and as such the advisors IMO must have seen these problems coming. The industry people seem to have known that the schemes were unsustainable given the commissions, costs per hectare etc etc.
We are just compliant and when the report gets out it will apportion blame over the GFC and accounting issues a few bad eggs but no-one will be pointed at and said they did not manage this responsibly or that ASIC didn't have proper oversight etc etc.
We deserve better.
The real issue for me is that the auditors and directors never...
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