23 Jul 2012

ANZ Turns The Lights Off On Gunns

Don't forget to turn off the lights Greg
The Australian Financial review broke the news today that Gunns main creditor, the ANZ Bank has called the administrators in on Gunns. With little hope of raising $500 million to make their next mortgage repayment, time and tide have finally caught up to Gunns. It doesn't matter if KordaMentha are just doing the preliminary balance-sheet report, insolvency is now inevitable.The electron-speed of modern publishing, communications and commerce is frightening to even those working in the field, but to a good old fashion wood chip supplier and paper-pulp aspirant, they spelt death by strangulation. The fallout will be felt for a long time to come, especially in Tasmania. Here Gunns had the government, public service, judiciary, media and even the environmentalists eating out of the palm of Greg L'Estrange's hand. The Premier, Lara Giddings, deputy Premier Bryan Green and opposition leader Will Hodgman all touted the pulp mill right up to the end. They firmly believed in Gunns tawdry dream of polluting the Tamar Valley and poisoning Bass Strait just to keep the taxes flowing and the lies, deceit and bullshit dominating Tasmanian public life. Its all over now idiots so who are you going to blame for not having the foresight and vision to lead Tasmania?

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