Veecat, my understanding is that most of the liabilities have...

Veecat, my understanding is that most of the liabilities have become due only because of cancelled contracts that occurred once the company was placed in administration. Prior to that the only liabilities were on the two power projects that had already been disclosed. The other projects were still on schedule and profitable and therefore had no liability attached.

Most likely, after FGE's final profit downgrade some risk manager in ANZ decided that they were dealing with turkeys and that ANZ's asset would best be preserved by going down the administration route. So the liabilities multiply but I suspect that ANZ is pretty high up the creditor tier, so they will preserve their capital. They couldn't give a rats about the lower tier liabilities, including shareholder equity which rates last (and was minimal by this time anyway).

The real question to be answered over the coming years is what FGE management knew (or should have known) and when.