FirsovaIt’s worse than you think, and SITM is on the money....

Firsova

It’s worse than you think, and SITM is on the money.

Sorry to tell you this, markets aren't fair.

Forget about $5Bn, it’s now $4.5Bn and falling, and they are profitless sales to boot. To quote: “Revenue is vanity, profit is sanity and cash is reality.”

Read the Dismal Facts at http://www.paperlinx-sux.com/p/dismal-facts.html

The half-year accounts will be very bad, very bad. The Board is softening you up for breach of bank covenants as at 31 Dec.

No coincidence about two announcements on one day, typical concealment practised by PaperlinX – see how the advice about stopped distributions was hidden at http://www.paperlinx-sux.com/p/pxupa-releases-to-asx.html

Orbis, MBA & Schroder cannot help you because they cannot help themselves now.

PaperlinX is a poorly managed under-capitalised business operating in a cut throat commodities style business with 70% of its business in the world’s economic graveyard. There is no hope.

IMO, you’ll never see the 9 cents for 4 reasons:

1. By February the Banks may be in charge

2. PaperlinX will probably fail “due diligence” by anyone outside the paper industry, and its unlikely anyone within the paper industry will bother to buy it. Much easier to knock off their prime clients.

3. Apart from Tony Clarke, the Board has next to no experience in corporate salvage operations

4. PXUPA holders won’t allow it. I hear that PXUPA holders are forming an action group to maximise their returns. Who is going to look after the ordinary shareholders?

Here is the good news – Aldi sells an acceptable drop of wine at $2.49 per bottle.