before the vote - what have we all learnt?

This will probably be my last post on GTP as I have given up. Sometime ago I "wrote Off" the value of my investments but remained hopeful there would be a resolution on at least some projects.

So I thought it worth reflecting on a few of the observations / lessons over the last months.

It is clear that Gunns will probably get the required 50% votes for the most valuable schemes - those nearing completion, with the assistance of the Receiver who has had Gunns as a front runner for sometime and therefore "alledgedly" did nothing to assist other bidders state their case. Noting Gunns was out last with the "preferred bid" but scant on detail while others showd their hand.

LESSON - it is IMPOSSIBLE for a receiver acting on bahalf of banks to also act in the interest of Growers.

LESSON - ASIC is toothless and useless, it's only public wrist slap in this whole process was a warning to Tony Jack (Blacktree) about his forecasts - please, of all effluent that has flowed during this process they find one sentence in a 12 page letter (slagging the receivers and the process no less).

Investors sunk a billion dollars into these projects and the ATO a billion more (rough numbers I know but you get my point). Yet progressively, hundreds of millions of $ of projects have been wound up without any call on Growers - they are all insolvent and worthless.

Be that as it may, after putting a couple of hundred k into them myself, I really would have liked to have a look at all the information the receivers are basing these decisions upon nad decide myself. Maybe even toss up a choice, you never know, some projects might have been saved if not for soem more investor cash (highlighly unlikely but again I am just accepting the word of an "expert" who is being paid by a bank whose interests conflict with mine).

LESSON - the little guy gets screwed, always does.

Like many investors who lose money I will be looking for someone to blame. My advisor, the GTP board, researchers, line em up. the reality is no-one will take a fall for this, no-one. And yes I know there are many legal cases out there ie cattle, loans etc. but how many have actually gone to court?

LESSON - I only have myself to blame. I invested more than I should have because I got some back straight away as a tax refund. I also borrowed (on some projects, not all) bacause I thought I would be clever and use my cash for something else. I only have myself to blame for investing more than i should have.

I do however maintain that I went to one organisation to buy trees and a loan to fund it, being GTP and its subsiduaries. GTP took my money and did not plant trees with it (I expect it went to pay an expert or a consultant). They also took my loan and sold it to someone else who is now knocking down my door to collect.

Well here is a LESSON for you Mr lender: - we both dealth with a company which clearly did not fully disclose it's financial position to you or me. As a result, I got shafted and guess what, so will you. seriously, put yourself down as an unsecured creditor of Great Southern Finance because they misled you about the strenght of their balance sheet at that time - take it up with them.

Further, how BABLE (Bendigo and Adelaide Bank) can still be quoted on the ASX as saying $20m of the $500m is a bad debt provision is outrageous. this is clearly part of the wider strategy to "scare" borrowers into paying. There is no way in this life time that bank is getting $480 of its $500m back.

LESSON - ASX / ASIC whomever now has responsibility for disclosure surely you need to send the bank a please explain. Only a week ago it confidentially settled out of court for 230+ investors (to not black list them) for non repayment. That result is post the $20m provision??????

Isn't this lack of disclosure part of what started all this heartache?

Lastly, who the heck audited the GTP accounts for the last 2-5 years? and how is it that those reports NOWHERE state that the projects (particularly horticulture) require hundreds of millions in cash to keep them going?? this company has been going backwards for years but not according to the annual accounts or audit reports.

LESSON: do your own research.

thanks