The notion that CBA is acting in its shareholder capacity rather...

The notion that CBA is acting in its shareholder capacity rather than its lender capacity is I think wrong.

When presented by whitebeachlover earlier I thought the concept had merit. However, if indeed that were the case I think VPG would be horribly exposed to all sorts of ASC / ASIC compliance issues.

I was rattled by the article and annoyed that appointment of 333 was notified via the press and not some orderly well presented timely VPG announcement. VPG does I think already have a "continuous disclosure exposure".

Fundamentally, IMHO the issue with the CBA (especially but to varying degrees all other lenders) is that the rules of lending are not clear...once upon a time it was about capacity to repay and in the event that didn't happen, the capacity for the lender to recover. Now there is a third (and maybe more) aspect and I think it now includes something along the lines of "how will the lenders shareholders feels about this exposure" and/or "what margins can I extract and how can those margins be disguised".

God willing CBA have appointed 333 as part of an assessment to clarify its engagement rules rather than opportunities to exit... heaven forbid VPG seem to have the traditional lending requirements well and truly covered (ie adequacy of cash flow and security).

Time will tell. The half yearlys I think will be precious... Does anybody know wehen they will be released???

The early morning bid stack looks a little more at peace with the article than I would have expected...early days yet.

Good luck today All.. we may need it.

DYOR etc etc.