Ann: James Packer Steps Down as a Director, page-9

Smugtown, I assume thats a cut and paste from an article in today's press. Apologies if it isnt!

What I, and apparently the rest of the market (judging by the reaction of the shares today) find curious is that he has actually stepped down from the board of CWN. This is not a person who gets bored with board meeting. He has stepped down for a particular reason (but not from Alon or MPEL). And that reason is simply conflict. Note that the chairman has said that he is welcome back on the board at any time of his choosing. I'm betting that will happen after whatever needs to be done in the short term.
Clearly he is in conflict as a CWM director. Clearly there is some fire behind the smoke re asset aqcquisitions, and clearly, he is looking to acquire, given he has already bought 3% of CWN in recent months. So whatever happens, he obviously feels that CWN shareholders will benefit.

I suspect the board might already be meeting on a proposal, and seeing he is on the other side of the transaction, he has to remain away from the decision that the CWN board has to make, for governance purposes.