The reason they haven't sold is because they can't - there is...

The reason they haven't sold is because they can't - there is zero liquidity and has been for at least two years - and YBR is a tiny, non-core investment for Nine and Macquarie. Macquarie is in there because of their funding relationship with YBR which came about partly because they were a shareholder in one of the businesses YBR acquired (Vow I think) - they couldn't care less about the capital it's chump change for them.

Nine has had a stake since day dot which they acquired when, like all traditional media companies, they were looking to diversify into other sectors. They acquired the stake by providing marketing contra so at the end of the day it's a non-cash, sunk cost. News Corp were doing similar things - they invested in BrightDay which funnily enough was a total disaster and was sold at a huge loss to - yes that's right - YBR! Another $2m down the drain on another dead end business.

Somebody pointed out the obvious recently - for several years we have been provided optimistic presentations (and as we speak another was lodged on the ASX) which show all the operating metrics are up up up (Settlements +80%! FUM +40%! etc etc) and at the same time every earnings metric, the capital position and the share price has been deteriorating rapidly. If your profitability is declining faster and faster at the same time you are growing, then you have a flawed business model - textbook 101.

I don't mean to sound pessimistic, but the idea that this is all a long-slumbering, Machievellian plan by Bouris, Macquarie and Nine to make out like bandits is fanciful. Bouris has taken a pile of $ out of this thing already as well all know and if it does go belly up, he'll be just fine. To his credit, he has made some logical changes recently to try to improve things - let's hope they help.