Hope of getting anything worthwhile back was lost when we went...

Hope of getting anything worthwhile back was lost when we went into VA. The only chance for shareholders I see is for the Co-op to be successful - maybe then the creditors will come to the party and work on a solution that benefits all. have a listen to the below link from the 2 minute mark. of particular relevance to our conversation is the interview from one of the landowners in Kununurra.

http://www.abc.net.au/radio/programs/nt-country-hour/nt-country-hour/9411846

re 2002 - if i was wrong with my assumptions then why would a business use it's last $3m to purchase grower wood before announcing VA days later? Given the company had been funded with a $20m line from BR and were at their mercy, I assume they were acting under blackrock's instructions or at least would have required approval from blackrock to buy the wood? Clearly a move to ensure that the assets were controlled by creditors and naturally they make more money by screwing growers. This wood was purchased at a 40% discount (per tonne of heartwood) to the previous year, how is that not a poor result?

It basically comes down to one thing - who is going to maximise growers' return on investment; who can maintain trees at a high standard for the cheapest price and who can sell the wood at the highest price? that is the only thing that is relevant in all of this and I have no doubt that the Co-op run by growers with aligned interests to growers are better placed to do this than creditors or administrators.