And even more problematic look at CCL's gearing levels.Total...

And even more problematic look at CCL's gearing levels.

Total Assets $6.6billion
Total Liabilities $4.8 billion
Equity $1.8 billion

And further more look at the break up of their equity account, accumulated reserves have increased from a loss of $46million to a loss of $440 million.

Accumulated reserves is a nice little way of looking at how management has treated to the custodian wealth of the shareholders.

Cheezes the more I look at this company, the more I realise shareholders who have held this company in recent times have been taken for a real bath. Nothing like dressing up the pig with lipstick so long as it had a good story behind it. Use some good magician tricks, get some good short term results using smoke and mirrors, grab those management bonuses, and then exit the door with a silver handshake.