- There will be a few happy faces this morning after the settlement of liquidator Deloitte's $160 million damages action against the directors and auditor of Babcock & Brown, the whizz-bang financier that collapsed in 2008, wiping out $12 billion of creditors' and shareholders' funds.
- Happiest of all will be B&B's co-founder Phil Green, who won't have to dig into his pocket to pay any of the estimated $25 million to $30 million damages awarded in the confidential settlement.
In case you cannot be induced to visit that site - here are the punch line(s)
- Those who have less reason to be cheerful include B&B's noteholders, the key remaining creditors, who are still owed $620 million. They'll be lucky to get 2 cents in the dollar, if our calculations are right.
- And there's still the small matter of the other $11.38 billion that B&B managed to vaporize. Plus, whatever happened to ASIC's investigation?
Thanks to Paul Barry and his new e-publication The Power Index.