[hchtml]Macquarie buys out its private BrisConnections investors...

Macquarie buys out its private BrisConnections investors

http://www.businessspectator.com.au/...7?OpenDocument

The Spectators 3:14 AM, 18 Apr 2009 [quoted in full -- in public interest]

Macquarie Group Ltd is quietly bailing out its private clients who hold BrisConnections stock to relieve them of their liabilities, The Weekend AFR reports.

According to the newspaper, the investment bank is understood to be buying out its clients of the stock it once promoted, but now privately acknowledges to be toxic.

Chief executive Nicholas Moore is believed to be personally involved in efforts to rescue anxious retail investors.

Meanwhile, rebel shareholder Nicholas Bolton has spoken out against critics that accused him of abandoning other distressed investors in the beleaguered tollroad project.

A wind-up motion brought against BrisConnections by Mr Bolton was defeated after he sold his votes to Leighton Holdings for $4.5 million.

"To the extent there was an altruistic outcome it was unintended, in that my interests were aligned with the interests of all other unit holders," Mr Bolton told Fairfax.

"But there was always a commercial intention on our part. We didn't seek the tag of white knight, and it doesn't fit."

Mr Bolton and BrisConnections chairman Trevor Rowe have traded barbs, both accusing each other of proposing monetary offers.

The fiasco has drawn the attention of the market operator and corporate regulator.

According to The Australian, the Australian Securities and Investments Commission has reached a preliminary position that BrisConnections and Leighton Holdings Ltd had complied with continuous disclosure obligations.