Tasmanian Times

Economy

Gunns: Nothing could be further from the truth

In today’s Examiner presumably as a result of an unchecked press release supplied by Gunns it is stated that Gunns have acquired the Great Southern plantatation estate; nothing could be futher from the truth.

In fact Gunns could never afford such a luxury; what they have acquired is the right to charge the unfortunate MIS investors management fees over their trees and take them to court if they do not pay.

This puts off the evil day for the Banks who will not have to take the owners to court over their borrowings should the Ponzi scheme have collapsed.

If in the future the owners cannot afford, or do not wish to continue to pay management fees to Gunns, Gunns can sue, an area in which they are practised.

I suggest that all that has happened is that the parties have put off the evil day and Gunns have called this a supply triumph which is totally untrue.

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