Spot on!..so many other potential options on the table, am sure if the lenders have been duly engaged well in advance of this potential strategic 'alternative' other more viable solutions could have been agreed (i.e. debt extensions, amnesty etc). They could have even assisted more actively in financing the bid for molycorp from the associated bidders & provider sweeteners (good deal in offloading unsecured debt for secured). However it appears the board & management have had a 'rabbit in headlight' moment since the onset of the strategic review, clearly out of their depth lacking urgency & innovation in saving this company. Likewise their advisors simply seem to have chased the big advisory fees and opt for the lazy options. All in all a disgrace, and I too have blacklisted the board & management. Mind you the likes of Smedley, Davis & co well into their 70's and will retire blissfully with their million despite their track record of obliterating companies they have presided in the past. Amazing how corporate Australia allows such muppets that luxury!
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