Because you're a huge connoisseur of the "mean-spirited gloat over the misfortunes of others" genre?
Most of the people on this forum, me included, know bugger-all about corporate governance or the property market. I have no idea whether this is DOOM or whether this is the carving off of the sinking bits of Terry's empire and now the rest of it is safe, and would appreciate some comment from people other than idiots who think that every bit of bad financial news is IMMINENT DEATH.
Most of the people on this forum, me included, know bugger-all about corporate governance or the property market. I have no idea whether this is DOOM or whether this is the carving off of the sinking bits of Terry's empire and now the rest of it is safe, and would appreciate some comment from people other than idiots who think that every bit of bad financial news is IMMINENT DEATH.
OK. The main problem most businesses have had for the last few years is that the big players aren't lending. This means that refinancing existing debts is extremely difficult. It also makes selling assets extremely difficult. I have no idea how Serepisos has structured his holdings, but it's likely that he is unable to meaningfully consolidate his position. However, his creditors won't move to wind him up unless absolutely necessary. (Moving his portfolio in the current market would require fire sale prices.)
This problem will be a long time going away. The Budget prediction for a domestic recovery in the near future is based on China continuing to grow (dubious) and the US and Europe recovering strongly (highly unlikely).