AFG 0.78% $2.56 australian finance group ltd

press the truth michael west

  1. 1,442 Posts.
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    Good example today with ABC Learning of the fear in the market place. Something is wrong.....here is a little classic today which nicely demonstrates, where I think the blame lies. (just one example of many)

    Sure there are issues with some of these companies...but why not just stick with the truth.

    I think there are some press egos out there being stoked by this rare chance to get square.... ( Michael West and Stephen Mayne.)

    SYDNEY MORNING HERALD

    "Scott Rochfort and Stuart Washington
    February 26, 2008
    Page 1 of 2

    ALLCO Finance Group concealed for more than two months the nature of its exposure to a $900 million debt, which it has finally admitted could sink the company.

    The gravity of Allco's situation was laid bare yesterday with the further disclosure that the structured finance company had understated its current liabilities across the group by $2 billion in last year's annual report."

    ------------------------later paragraph

    While bankers had not yet called in the debt, Mr Clarke conceded the dipping of the company's market capitalisation below $2 billion meant the clause in the loan agreement that could trigger the repayment requirement was in effect. Allco is worth $408 million.

    _________________________________________________________

    from paragraph 2......"company had understated its current liabilities across the group by $2 billion..."

    turns out the $2 billion refered to in the story - relates to market cap......" the company's market capitalisation below $2 billion...."

    Not able to be excused in my view....but I am sure there will be more of it tomorrow......noter also AFG explained that the $900 million loan from next year, is most unlikely to be called in.

    Plenty of years background may help me...what about the not so experienced investors (and I think some on HC) who read newspapers......press on a poewer driven free reign to type all sorts of mis-truths, and generate this fear.
 
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