AFG 4.40% $2.39 australian finance group ltd

power stations problem

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    The legal entity which entered into an agreement to buy the US power stations from Consolidated Edison (why are they selling them? Am always suspicious) is AllCapital LLC, registered in the USA-a fully owned subsidiary of Allco. The partner was to be Industry Fund Management- an Australian wholesale investment manager- which may be tied up with the Union run industry super funds. They have walked away.
    Does Allco or AC have some legal recourse against IFM for leaving them holding the baby after agreeing to participate? If AllCapital declined to settle the deal Con Ed still have their power stations. If by some means AllCapital went bottom up it is a limited company, (LLC mean limited liability?) and so it sounds like it could be the end of the story apart from some litigation between Con Ed and AC. The limit of AC's liability would be its own capital which would be small. Why wouldnt the problem then be quarantined from Allco by the provisions of limited liability? Am I missing something? Have they already paid? Didnt see anything in the announcements to that effect.
 
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