Well, there's a card game on with CBA, Magna, CCU Management...

Well, there's a card game on with CBA, Magna, CCU Management (who notably hold little or no equity in CCU) and KordaMentha all sitting at the table. Sadly, shareholders weren't invited to the game, much less actually dealt a hand.

And when each of the players involved makes their case, I'm guessing the "screw the shareholders down to nothing" is a given in all their playing strategies.

Why CCU Management obtained shareholder approval for the 25% equity issue (which would have been enough to make all debt repayments due in 2014) and then never proceeded with it will remain one of life's great uncertainties.

What is absolutely certain however is that neither the ASX nor ASIC will ever ask them to explain.

Normally, GLTA ..... but I think the time for luck has now passed.