Forum Archive Index - May 2003

["tennyson@caverock.net.nz" <tennyson@caverock.net.nz>]

>
> Westpac got rid of 13.05 million shares in tranzrail the week before
> the price hike.  Says a lot for financial advice dont you think?.
>


Without the benefit of foresight and given Westpac had a 
shareholding, I would say that action of Westpac (Investment Funds) 
was quite sensible.    Tranzrail were/are facing bankruptcy within the 
space of a few weeks.   Westpac would have looked very red faced if 
their entire investment in Tranzrail had gone down the toilet.  It is 
impossible for even the best managers to get it right every time, and a 
rescue bid by a white knight was never certain until it happened.   
Westpac obviously judged the bankruptcy of Tranzrail to be a serious 
possibility, which it was.

Of course, none of that explains why Westpac were invested in 
Tranzrail in the first place......

SNOOPY



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