Letters, feedback, get it off your chest: 19 July 2011

This week’s postbag is dominated by response to our breaking news bulletins, from Blue Star to GEON and Australian Envelopes.



Re: Blue Star extra $25m depends on bondholder August vote

I think the bondholders are being taken for a ride, and should dig their heels in and question the business model of this company, and in fact those of the same mould.

Bigger is not better, and centralisation is a model based on putting all your eggs in one basket, cutting costs and paying the directors squillions they by enlarge don't deserve!

I would dearly love to know how much the Directors have gained while these poor bondholders will be lucky to escape with capital intact!

James Sefton
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It is a fact that the two major sheetfed companies in Australasia have singlehandedly dragged the whole industry to its knees and one of them or both should be dissolved.

Robert Masters
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As a bondholder I think that this is pure blackmail by the company.

The company management has clearly mismanaged the company over the previous periods and forgone the obligations to protect the wealth in the company and therefore the obligations to their moneylenders (bondholders) who have preference over shareholders.

Anon
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Re: GEON moves to single-site print operation in Sydney

It’s a sad day for all Northern Beaches print machine operators, offsiders and the like.

Brookvale - DY was once quite a busy little hive for the printing industry. These take over Odysseys, as you put it might be good for shareholders and high-end managers back pockets but obviously not so good for families & local business.

Marcus
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Sad to see another icon bite the dust, I wonder what will happen to the Silverwater plant in the near future?

Sideline observer
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Re: Over 100 years of envelope manufacturing comes unstuck

It was a huge shock for us all, we knew things were tough but had no idea of how bad until we were informed the administrators were on the way to our Granville office.

Came as a huge shock to everyone, it was something none of us expected would happen so suddenly.

Stephen Wanless