The preference stock is a yield play - if it has no chance of paying the interest (which it doesn't) and Timbercorp goes into admin / recievorship - then it is as worthless as the headstock.
The vultures have been securing their positions here for years and none of it is via the paper listed on the ASX (except those who were smart enough to short TIM when the tax changes were announced two years ago).
What the lenders dont have security over, other parties have spirited off in side deals.
Be interested in how 'arms length' the sale of the garlic business was for example? Now who bought that?
TIM Price at posting:
5.4¢ Sentiment: LT Sell Disclosure: Not Held
