[QUOTE=Brain;706752]https://www.fool.com.au/2018/03/06/t...-im-guilty-of/
so true.
Printable View
[QUOTE=Brain;706752]https://www.fool.com.au/2018/03/06/t...-im-guilty-of/
so true.
Rationalise it as <4 % of portfolio & move on otherwise its too easy to miss out on next opportunity :)
Sure - life goes on and you are right, we should not lose the view on other opportunities (no matter what percentage of our portfolios CBL represented).
However - the CBL story is a clear indication that we do have big governance and regulatory problems in our country. They must be solved.
Ignoring the lessons from CBL means we are doomed to repeat the story - talking about the lessons helps others (perhaps) to avoid the same mistakes.
As well - whatever happened - either there have been people ignoring our regulations and likely breaking the law, or alternatively our regulations and laws are a joke. I don't know yet, which of these options it is, but if this is not properly investigated and acted upon, than our market will lose credibility - and we all will pay for it (as long as we are invested on the NZX).
A wet bus ticket won't do the job this time.
To be fair to RBNZ, I think they call this one late but they did take preemptive action by getting the court to appoint the interim liquidator so CBL cannot transfer any more funds overseas.
In doing so, they have prevented CBL from reducing the amount of cash available to all creditors and claimants, rather than the preferred few favored by the directors.
In RBNZ's wildest dreams, they would not have anticipated the directors of the CBL ignoring their instructions and guidance!
CBL Corp managing director Peter Harris has said there was a wider story to be told about how CBL got to where it is and where it might be heading. "The facts will show some mistakes we have made, and the cause and effect of those, and just where we are and why, along with our plan for dealing with these issues."
Behind the paywall on NBR today a title reads "more than $600M seen wiped off CBL equity."
https://www.interest.co.nz/insurance...-lloyds-london
Lowered now by Harbour to 28c.
So much for their analytical assessment which valued the shares at 88c.
Fact is, the company is gone - it will be tied up in investigations and litigation for the next decade even if there's any funds left.
Stamford insurance step in to cover all the warranty CBL's clients....Goodness me...what a freaking mess!! hope u all did not lose too much on this sinking ship!
Mess alright, have written this one off. Bit disappointed that the red flags weren’t flown a bit more vigorously.
Good luck if anyone gets 88 cents a share.
Now I have to go and concentrate on my SLI and PEB shares.....