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28/10/14
17:06
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Originally posted by Tapdancer
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Critchley was hard-hitting, but negative he had to be.
Firstly, he exposed the previous Board for what it really was: helmsmen of the sinking ship SS PaperlinX.
Secondly, he welcomed the appointment of Price to the top job.
Thirdly, he soon perceived Price to have no real interest in the needs of the hybrid holders. Price said (if memory serves correct) that it was his job to get the best results for the ordinary unitholders, having no legal obligation to the hybrid holders (or words to that effect).
While that may be technically correct, pragmatically speaking, Price failed. And he 'd be the first to know that it's the results that count. Had he and the Board listened to where Critchley and others were coming from, the bid would have been much higher, the hybrids would be completely out of the way, and the recovery of PaperlinX much further advanced.
He got greedy. End of argument.
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If anyone got greedy, it was the hybrids. Talk about overplaying a hand. Now they are left dangling in perpetuity.