Actually, perhaps it isn't quite as negative as it at first appears.

Nothing unexpected in the results really - everyone was expecting big losses / write-offs.

However, what is unexpected is the willingness of Alan Hubbard to put in an additional $150m of equity (reviewed for fair price by the crown guys so I am happy to believe the figure is 'real').

If things were truly about to go belly up, then that would represent nothing more than a straight transfer of $150m of wealth from Hubbard to whichever group was last in line to get a payout (bond holders perhaps?)

Given that he is no fool, it seems to me that things are probably okay going forwards.


What is missing from this?

Alan.