Hi
I remember a quote from the esteemed leader of WC along the lines that Jim was a good bloke and they will be able to work through the issues.
Second mortgage positions suck as the only way to get control is to take out the lender ahead of you.
Even the RBOS loan rendered to PIF rendered PIF unitholders in effectively a second position resulting in a rapid sale of some good assets to clear this loan.
Often wondered why there was such a rush to clear this loan given
- underlying worthless assets sold in to grab the cash out.
- state of RBOS at the time
- What RBOS knew of the original transaction
Just another thing that ASIC should be having a good look at.
OCV
octaviar limited
