An example of how much of a goose Rowe is or how bad his legal and PR advice is:
He has stated recently that a liquidator will pursue defaulting unitholders for unpaid call in the event of a winding up........
Did you know???? That the Corporations Act makes no provision for a liquidator to be appointed to a managed investment scheme... a liquidator can only be appointed to a company. The scheme can only be wound up by a responsible entity which must be a company... and it is the responsible entity which may fall into the hands of a liquidator, in which case members/unitholders would appoint another responsible entity.
My preference would be for a responsible entity that does not have as conflicted directors like - the Chairman of one of a major investors and who is also the Chairman of one the most forceful stable of Qld Labor ex-pollies who have become lobbying consultant - some of whom got massive success fees for stitching us up, a director who is a senior executive of the parent company who sponsorer the lobbying bid and ultimate holding company of the project contractors, another director who is a former director of the broker, financial advisor, sponsor, and underwriter of the deal; and another director employed by the Principal contractor as a director that firm.
And you really think give these dodgy Brisbane connection that the Board is going to act in best interests of Members - they are puppets for their masters.
I'm surprised Anna Bligh or Andrew Fraser aren't on the Board!
The investment banks are looked after, the pollies and ex-pollies are greased, the contractors are fine - its the unitholders that are getting shafted.
Pay the distribution - there's no reason to hold it back - and maybe you make a market for these these poisonous sub-prime hope certificates!
BCS Price at posting:
0.0¢ Sentiment: Sell Disclosure: Held
