Not only are Gunns allowed to operate while insolvent but they have also removed themselves from trading on the ASX indefinitely. The reason they gave is because an agreement signed in a casino in Northern Tasmania may let the Tasmanian State Government compensate Gunns for taking out a legal challenge against the State Government itself. Hard to believe? Gunns failed to pay for $40 million worth of logs from state-owned corporation Forestry Tasmania. This ongoing legal dispute has resulted in costs for both parties. The Tasmanian government spent over a year formulating an 'agreement' resulting from Gunns decision to stop logging native forests. The truth is that if Gunns could still sell native forest wood chips they would be doing so, and defending their right to clear-fell native forests, just like they have done for decades. The convoluted 'forest peace agreement' actually rewards Gunns for not being able to sell wood chips. How the 'soviet gulag' intellectuals in the minority Labor governments of Tasmania and Australia came-up with this piece of putrescence is astounding. Their only motive is the hope that one day Gunns will resurrect the failed Ponzi tax avoidance scheme that lets Labor politicians write-off their tax bills against worthless trees.
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