The Chairman's track record in business is appalling, with a trail of disgruntled persons over many years. His record of try-hard decisions turning out poorly, whilst (in my view) unconscious of the obvious is stunning. I can defend this statement with examples.
As a merchant banker an area where he has a reasonable track record despite his clients being at the very bottom end of the market value scale.
To answer a question ... some time ago, as I was harranging him in regard to my losses, and his ... errrr ... gbm's .... repetitive misjudgements and misplaced confidence, he indicated that he had by chance met the bankrupt property developer while skiing in Wanaka, and offered him a senior role.
While he is on the pot the company will not attract people who are good enough.
Nevertheless, perhaps a contrarian would guess this sudden outpooring of grief precedes good news? Even if it does, I can't see that the market will trust these guys for many many years.
GBM Price at posting:
1.9¢ Sentiment: None Disclosure: Held
