the excuses begin

Story in the Australia in which Michael Larkin explains:

http://www.theaustralian.news.com.au/business/story/0,,25018558-643,00.html?from=marketwatch_rss

Last chance, Michael ... do what you can for the noteholders.

However, give the demonstration of minimal commercial nous ... perhaps it would be time to let someone else negotiate on behalf of the noteholders interest.

This is why we pay these guys the big bucks ... so they can act as whipped dogs and cower before the banks.