AFG 0.00% $2.50 australian finance group ltd

which problem....

  1. 1,444 Posts.
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    Can anyone shed any light on the main issues here coz there appears to be so many and the press are having a field day coming up with some new potential problem every other day.

    Seems to me problem no1 is signing off a/cs, but why? Is it debt classification (like cnp), US power deal as a subsequent event, solvency (hope not!), asset writedown, or just auditors being difficult and risk averse.

    Why do they need to slice & dice the co. - are they trying to settle US power deal, is debt that far out of control or is it asset prices falling that's making debt look nasty.

    Coe & co appear to have the problem of a lifetime to resolve and I'm sure suspension suits them nicely - best move until they sort out the mess.

    It's so very hard to believe its come to this. If they can't pull off a reasonable outcome (which I still think they probably can if given time) it will be one of the more embarrassing financial disasters I've seen. Couldn't imagine Coe & Co ASX listing their next venture.

    Also, can't see why they can't update shareholders given suspension - there must be so many suits who know whats going on - why are the company owners in the dark?

    I don't mind hedge funds shorting but some questions arise when its predatory and relentless.

    Fortunately I don't hold too many and entry $3.60.

    Feel sorry for those who bought an emerging blue chip (if there is such a thing) on analyst buy recommendations from almost everyone in town.
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