Centro did have a big problem with debt being miscaluated but still most of the directors sit on the board who where there when they had all the problems.
Centro situation was very similar Andrew Scott made way to many aquisitions and then just before the GFC got the option to roll over 1bil in debt but refused as he believed the intrest rate was to high. This really cost them and he went.
They brought in Glen Refrano who was basically was our Bill Wild, he came on got the company back on track and left.
The hardest time to hold Hastie I believe is now. As they go through the company all the rabbits will start to come out of the hat. How many there are will determine how long it will take to turn the company around. We have now had the first one lets hope its the last. But the closets will be clean by the time 1/2 results are out next year from what Bill Wild has stated. Until then movement in the SP will be non existant. Simply to much risk. I have been trading in and out on bad news which has worked pretty well and increase my holdings by 30%.
Once Hastie is more transparent and cobra starts winning some projects.I think we sell the SP start to slowly creep up. It is intresting to note too. None of the Big holders have been selling and I think TIGA and CBA increased their holdings.I think that to me speaks volumes.
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