Thursday, September 4, 2008
What becomes of the broken Tollroad? BCSCA.AX
Brisconnections (BCSCA.AX) was a scam and is a scam and while the CEO and Maccas (MQG.AX) are desperately trying to tell you that it's fine and that it's a good deal, the market are voting with their feet and getting the hell out of this train (or should it be car) wreak before they have to throw away another $2 of their hard earned. This thing could well go to zero, and if it were possible, it should be trading for a negative value because once you own the partially paid share you are obligated to pay the extra $2. There is no reason to purchase equity in this transaction. Debt holders should be nervous, equity holders should be hitting the sell button. Funny how when you rob the 7-11 of $200 they throw you in jail, but when you rob the public of hundreds of millions of dollars via a terrible deal and shonky prospectus you get away with it.