You cant make an omelette without breaking eggs, and you cant...

You cant make an omelette without breaking eggs, and you cant test a proposal on someone until you have one to make .My understanding is that the cost of the exercise was $700k, not $1 million, and that a large chunk of that cost would have been spent in commissioning two sets of expert reports ( from PKF and BDO ) who both found the proposal to be fair and reasonable. The geniuses in the Westpac wealth management camp obviously think they know better, and chose to vote it down. The question is this, did the underlying owners who Westpac claim to represent (and whose units were voted by Westpac) ever get to see the Information Memo and the expert report. I'll bet London to a brick on that they didnt.They werent properly consulted, rather they were used.
The irony in all this is that by voting it down in this manner(85% of the members who voted actually voted in favour)
Westpac may well have given Brookfield the legal basis they need to put MPIF into a winding up process, and saved BAO from spending $12 million on illiquid assets they didnt want or need, bought at a price at least $2 million above their market value.
I believe that Westpac have shot their own investors who beneficially own the MPIF units in the foot, and the BAO shareholders will be the winner.