net asset backing..., page-17

Went down by more than the $42m loss because it implies the value of BBP's other assets is more than likely not what was previously thought (i.e. significantly lower).

Lol. Craig James! How did he ever become Chief Economist?

Back on topic though. The best outcome for shareholders now is a takeover by a cashed up company which is more than likely going to occur at a discount to the value of assets stated in December when the market was still near it's highs.

Management buyout is out of the question as they won't raise the finance in this market and in any case the interest rates on new finance would eat up most of the cash flow.

Financial engineering has wrecked this one. BBP/Mac Bank are greedy fee sucking machines.