definitely. Its just a shame those that control ten want to steal it from the very shareholders that supported them through the tough times.
ten should have been bankrupt a few years ago if not for their generous guarantors who gave their personal guarantees (with a fee attached to the shareholder I might add). That way they could raise many hundreds of millions over a number of years to fix it up so at some point they could pull their support, collect their fees and then buy the company from the administrators at bargain basement price.
who was privvy to the plan. well obviously the generous guarantors and what role did the bank play in providing a line of credit, not on the basis the company could demonstrate capacity to repay but solely on the personal guarantees offered by the scammers in order to fleece the public into paying for their turnaround.
Since last cap raise, it appears most of the proceeds were used to reduce this debt so the main people owed money are the bank for $40-50 million and the scammers who effectively created income out of thin air by supplying guarantees until it suited them to no longer supply the guarantees.
So I guess the main shareholders will win, the banks won, administrators will win also and the public, well they rely on ASIC to protect them from this but nothing will probably eventuate on that front.
TEN Price at posting:
16.0¢ Sentiment: None Disclosure: Not Held
