will it be a yes or no vote on monday?, page-15

Hi SITM,

"In any event, they will keep their jobs - when they have shown incompetence at every stage of the process - they didn't even know the capital structure of their company (re the BEPPAs) until it was pointed out to them by Bronte Capital."

The first bit is right, I disagree strongly with the second part though, I think they knew very well the ownership structure of the AETD assets and made a deal, in the banks favour over Beppas, to gain bank approval for BAM, with Hastings, who also know very well the ownership structure because Hastings has one ***** ******* on the board who is an ex BBI executive officer of around the time AETD was acquired. Hastings side would have been the preferential Sparcs treatment, and Hastings were very quiet all the time while Lowy were trying to get the position made right for Beppa holders.

Legal insurance was obtained directly prior to the move to separate Beppa from AETD claims.

I agree RBS could have played a lot tougher, and if they had played 20% tough like BAM/MQC/CS/BBIG PIG they might have got somewhere.

Their deal was a slow death for BBI's and obtaining new equity and Beppas approval would have been no less tricky than BAM deal, at least Lowy thought it was worthwhile and the banks had a good look too.

I copied a very interesting analysis from melua onto HC a day or so ago of how RBS deal would have slowly eaten BBIG PIG while saving every ones bacon > except managements <. Some here would have seen it before the HC mods denied anyone else access to it.

BBI holders will have to smarten up and become investors instead of trusting opportunists if RBS win the day.

I would love to see the manoeuvrings exposed on this,

Spit Roast anyone ?

ifandwhen