I attended the first creditors meeting last week. There was a lot of media and emotion on show.
Most things are a lot clearer to me now and I clearly did not understand what was going on prior to the meeting.
Here is the presentation from GSL first creditors meeting, it is certainly worth looking through. The Ferrier Hodgson site for GSL is a good place to keep an eye on. They will be doing weekly(ish) updates. Ferrier Hodgson are the administrators appointed by GSL. They are playing second fiddle to the receivers, McGrathNicol, who were appointed by the secured creditors.

With time on my hands I read the June issue of Vanity Fair which featured “Hello, Madoff!” The Madoff Chronicles Part II: What the Secretary Saw. There are some interesting parallels between the Ponzi scheme operations of Madoff and the operations of Great Southern.

Great Southern today became the second major Australian agribusiness to collapse in the past month. It was arguably a complete scam and certainly it had all the hallmarks of a Ponzi scheme.

Key dates for the conversion of TREES2 and TREES3, GTPGA and GTPGB, into GTP.AX ordinary shares.

Great Southern Limited, GTP, are playing their cards out as they desperately try to keep their heads above water. Drowning not waving!

A flurry of announcements and postponements puts another twist in the GTP saga. Year end results are out and a non-core sale announcement.

With TREES2 currently trading at around one third of face value and redeemable in less than one year it is going to be a fascinating and volatile month. The keys dates are early December.

In the Notice of Extraordinary General Meeting Great Southern outlines to investors why they seek to exchange shares for woodlots and cattle droves. What follows is just my notes and in no way a recommendation for anyone. The deal appears to be reasonable for MIS holders, whose real mistake was originally investing in the MIS projects. MIS investors should be angry at themselves for believing a new financial product was going to be profitable for them. New financial products are designed to make promoters, advisors and banks wealthy. None of …