West is telling it as it is and just because you don't like hearing the truth is no reason to accuse him of misleading the public.
It is B&B who have been misleading all the way. B&B told the market that the narket cap would have to be below $7.50 for 4 months before the banks could move in.
The truth is that the day that the market cap fell below $7.50 the banks moved in. B&B could not pay dividends without the permission of the banks.
They have now committed to paying back $400 mil asap to reduce the $2.8 bil facility they negotiated in April as well as paying an additional 50 points of interest. The debt model only works with cheap interest!!
Does not look like they are in any sort of control other than selling down assets to repay debt.
Look what happened to OCV/MFS, they sold down Stella and were left with debt only.
Why sell assets unless the banks are forcing you to???
BNB
babcock & brown limited
