Bluestar Group (BLU020)

**Enumerate** · 15-08-2013, 03:02 PM

Goldman-Sachs to be investigated ...

http://www.nbr.co.nz/article/goldman...ny-db-p-144438

This story is based on the liquidators 6-month report up on the Companies Office:

http://www.business.govt.nz/companie...%26q%3Dex-bsgh

**Enumerate** · 26-08-2013, 05:02 PM

Latest: FMA finds no grounds for investigation!?! Only hope is the investigation being conducted by the Liquidator.

**Eisenheim** · 28-08-2013, 12:27 PM

Shafted again. Not surprising, but disappointing.

**Investor 54** · 28-08-2013, 04:23 PM

... and there you go! If the Liquidator was going to find anything the FMA would know that by now.

**Germaine** · 29-08-2013, 09:03 AM

You did not get 'shafted again' by anyone other than yourself; firstly for buying these bonds in the first place, and then for voting for such a hopeless restructuring proposition. Why do you people always seek to blame others? Man up and take some responsibility for your own decisions!

**Eisenheim** · 29-08-2013, 10:59 AM

The restructured deal was a good one if they had kept to the timeline presented. Instead they had no intention of following through, and that is the problem. The prospectus mislead investors who "manned up" and saved the company only to be abandoned almost immediately. Where were the interest payments? They had no intention to pay any interest! Their only intention was to mitigate the bond debt.

What is legal may not be fair, and what is wrong can't always be proven. But that shouldn't stop us demanding better oversight.

**Investor 54** · 30-08-2013, 11:13 AM

I agree with you Eisenheim about the companies intentions however, their intentions have been questionable well before the vote. How is it that the bondholders are kept in the dark when the deal is put together, then a gun pointed at their heads at the bondholders meeting.

Your 'bondholders saved the company' is exactly the line they sold you. The bondholders sleepwalk into the careful trap, have a gun put to their heads and then justify it with the belief that they held the moral high ground. The bondholders want to believe that they saved the company because on the whole they are decent people. The Management and ownership know the bondholders are decent people so they use it to (legally) scam them.

Then you get people like Enumerate adding bogus financial musings, while completely ignoring the obvious problems with the forecast numbers. He fully supported the scam.

I wish we could see what would have happened if the vote was no. I believe the bondholders would have had more options and perhaps even a real say in something. I don't believe the equity company and the management would have folded it then, without trying something different.