Tell us the truth Michael

Michael the Tank Engine needs to come clean.

Only a fool would buy the shares of a company and get all the assets AND the liabilities. Most sensible business people buy only the assets, transfer those to a new company and leave the liabilities for the previous owners to cover. But then our failed history teaher of a finance minister isn’t either contention, sensible nor a businessman.

Cullen has exposed the taxpayer to billions of ongoing costs with no likely return on the basis that this is a strategic asset when to anyone who can read a balance sheet can see this is no asset, rather it is a massive ongoing liability.

The Toll Directors will still have grins from ear to ear. it is also becoming clear that the deal isn’t done yet, else why are there still negotiations underway? It begs the question as to why an announcement was made when the deal isn’t done? Was there some polling underway that Labour tried to get a bounce off?

Paula Oliver shows exactly why journalists shouldn’t comment on business when she opines rather stupidly that liabilities go with a business purchase along with the assets. Lucky for us she isn’t Cullen’s advisor….or is she?

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