What comes around goes around

[Bushmiller]

One of my first significant posts (as opposed to the frivolous posts) when I joined the Forums back in 2004 was in this thread:

http://www.woodworkforums.com/f12/i-am-being-sued-gunns-13677/#post107686

It seems that Gunns have gone into receivership allegedly with debts in excess of $3 billion.

How are the mighty fallen!

This auction brought it to my notice posted in the Milling forum, although a little bit out of our league :) :

http://www.woodworkforums.com/f132/timber-mill-auction-171698/#post1653492

Regards
Paul

[rustynail]

I would not lower myself to even attend a Gunns "fire sale," let alone bid on anything that belonged to them.
I have never been more pleased to see a mob go under. I do have some pity for share holders, but why would you invest in such a rough-shod turn out?

[codeMunk3y]

Does anyone know what's happening with all the plantations?

[rustynail]

A meeting has been scheduled for this coming Friday (despite objection by the receivers) at which investor growers will vote on a proposal put up by Macquarie Forest Services.
Apparently, Gunns are now being accused of trading while insolvent.
Now why doesn't that surprise me?

[codeMunk3y]

Awesome, not.

We've just bought land with a small plantation on it. I was hoping this wouldn't take too long to sort out. I guess that's where optimism gets you

[rustynail]

Awesome, not.

We've just bought land with a small plantation on it. I was hoping this wouldn't take too long to sort out. I guess that's where optimism gets you
Friday too far away for you:?

[codeMunk3y]

I'm sure it will get closer to a resolution, but I doubt it's going to be settled today :p

[rustynail]

I'm sure it will get closer to a resolution, but
I doubt it's going to be settled today:p

That very much depends on the attitude of the voters and how open they are to the offer. If they require changes, then i'm sure you're right. If the offer is accepted outright, it will mean things can move on.
This situation has occurred on many occasions in the past. The timber industry has always been quick to resolve and get on with the job. After all, there is nothing to be gained by the growers standing around to see what is happening to Gunns. Its already happened.
In your case, as a small wood lot, is it all that important what the outcome of the vote is? Wouldn't there be other options available to you?

[codeMunk3y]

At the end of the day, it doesn't affect me greatly; the trees are still 10 years off harvest and we didn't buy the land because of the trees, it was just a bonus.