THE REAL CULPRITS ARE THE MEMBERS OF THE F.I.R.B.WHO APPROVED THE SHARE PURCHASE.WHO MUST HAVE BEEN DECEIVED BY THE ANZ MANAGEMENT,BRIBED OR JUST PLAIN STUPID.ASIDE FROM NOT HAVING THE EXPERTISE TO MANAGE A LARGE COMPANY,THEY WERE HOPELESSLY UNDER CAPITLISED.IT TAKES A LOT OF "MANAGEMENT EXPERTISE"TO LOSE OVER HALF A BILLION DOLLARS IN SIX MONTHS.
I BELIEVE TWOMEY WAS DECEIVED WHEN GIVEN THE POISONED CHALICE AND FED A LOT OF BULL**** BY ANZ,AFTER ALL THE TREASURY WAS IN AUCKLAND TO WHICH ALL TICKET PAYMENTS BURNT THEIR WAY.
THE SITUATION WOULD HAVE BEEN STILL RECOVERABLE BY A SCHEME OF ARRANGEMENT WITH THE CREDITORS,HOWEVER I GUESS A LIQUIDATION YIELDED MORE MONEY FOR THE LIQUIDATOR'S.
THERE ARE NONE SO BLIND AS THOSE WHO DON'T WISH TO SEE !!