Adam,Yes, we are in this situation because of regulatory...

Adam,

Yes, we are in this situation because of regulatory feebleness and failure. In one sense you can't blame WN for trying it on. They made judgment calls
1. About being able to get around the regulator
2. Sensing the regulator would not intervene.

However when you consider the misleading statements given by WN & Associates to the Takeovers Panel, given the subsequent transfers, you have to wonder how WN& Co are able to sleep at night. Probably very soundly.