octaviars debt to pif, page-8

Fairisfair

Would you have expected that Hutson get PIF? Not it was expected that someone like CP or the like would buy it rather than get it for free.

There are performance fees and there are management fees, I don't think they are one and same. If Hutson has taken over say $1 bil under management, there is approx 2% charged for management and then there is a share of the performance of which there is none at this point. So income from funds is approx $20 mil. This is now gone to Hutson for free.

Then there are the assets owned by the various subsidiaries which are being sold for less than cost - Cavill, Port Douglas, L&L and others - some are going to those close to OCV - too many related parted transactions happening. That is why a liquidator is a good idea for no other reason than to make sure that the money goes to the unit holders not friends.

RBS rumour makes sense. All they want is their money. They have the threat of appointing a receiver hanging over the company and they are holding the purse strings. Look at what ANZ did to OPES. Turned what was a potential loss of $380 mil into a full payout to the detriment of the unsecured creditors. It's happening all over the place and secured creditors needs to be watched carefully so that they do not get more than they are entitled to when there is not enough to go around.