squabbling on the bridge, page-2

A slow death may well be the case, but an orderly winding up would be the better outcome.

If the balance sheet values are half-credible and you write off the intangibles, you've still got ~$60m of net assets backing the $10m of equity.

The quarry shouldn't be too difficult to flog and there would be strategic rationale for one of their major glass customers (AMC, CSR) taking out the soda ash to ensure security of domestic raw input.

Also bear in mind that the carrying value of landfill inventory was written down by 50% (by $10m) to a much lower net realisable value in FY11, so there could be some upside here.

Half their net assets are large piles of rocks - maybe if they can throw them overboard for a good price and reduce the ballast enough to keep the ship afloat!

Xavier