Monday, 1 December 2008

Race to the bottom

The MIS companies are continuing their inexorable journeys towards a catastrophe. Not all will survive intact.

Great Southern Plantations (GSL) seems to be at the head of the peloton at this stage.

Desperately trying to find some cash to pay the bills over the next few years GSL has been trying to persuade Woodlot investors to swap their trees for GSL shares so that when the trees are harvested GSL will get to keep 100% of the net harvest proceeds instead of giving 94.5% back to the Woodlot owners.