Thanks Steven,LLA needs to get the margin calls and ANZ dumping...

Thanks Steven,LLA needs to get the margin calls and ANZ dumping absorbed before going foward IMO,bargain hunters and day traders will be all over this for awhile.Here is an article from todays Sydney Morning Herald:::
Scott Rochfort
May 22, 2008

LIVING & Leisure Australia, a spin-off of the former MFS, has suffered one of the biggest one-day drubbings in ASX history after coming off a four-month trading halt.

Shares in the debt-stricken aquarium and ski resort company, formerly known as MFS Living and Leisure Australia (LLA), at one point crashed 89 per cent yesterday, before closing 30c lower at 5.6c.

LLA chairman Julanne Shearer, however, said she was "not concerned" about the fall, in light of a proposal by the James Packer-owned private equity fund Arctic Capital to "recapitalise" the company.

"We have been suspended for quite some time," said Ms Shearer. "So you would expect there would be a significant amount of activity when we went back [into trade]."

The steep share price fall is believed to have been exacerbated by several margin calls on LLA shares, including a 7 per cent stake ANZ took up following the collapse of the stockbroking firm Opes Prime.

In one trade, 3 million LLA shares (or 1.6 per cent of the company) were sold at a paltry 4.2c each. Shares in the former MFS spin-off traded as high as $1 last October.

Ms Shearer declined to say what shareholding Arctic Capital could wind up with in LLA.

Arctic last week put forward a proposal to underwrite a renounceable rights issue which will raise "at least" $90 million in new capital, in order to cut the company's $185 million of debts.

Going by LLA's $10 million market capitalisation yesterday, Arctic could possibly end up with more than 90 per cent of the company if existing shareholders do not take up the rights issue.

"We are positively approaching it and expecting out investors will go forward and be looking to take up their rights," said Ms Shearer.

The raising - underwritten at 7.5c a share - is a far cry from the $175 million the fund raised at $1 each in July 2006 to help fund the acquisitions of its aquarium and ski field businesses.

Aside from having interests in Victoria's Falls Creek and Mount Hotham ski fields, LLA owns the aquarium business Oceanis, which runs aquariums in Melbourne, Thailand, China and South Korea.

The company reported a $17 million half-year loss in April, after writing down the value of its ski-field assets by $15.7 million. In its accounts, the company values its net assets at $154 million.