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Beaconsfield, Allstate and Macquarie Bank

I posted on the mining disaster faced by Allstate Explorations at Beaconsfield Tasmania earlier this year.

As a sideline recall that I pointed out that the smarties at Macquarie Bank had previously acquired $77.5 million dollars worth of Allstate Explorations receivables for $300,000. The sort of deal that gives the Macquarie boys healthy Xmas bonuses (as well as effective control of the Beaconsfield operations) but doesn’t bring much cheer to Allstate Explorations shareholders. A court has just found that the latter may have the right to sue Macquarie. Good.

A book length treatment of this whole saga – including an explanation why the mine at Beaconsfield continued operating even though the local community believed it to be unsafe – should be written. Its the sort of episode that makes me think badly of the economic system – capitalism – I so frequently defend.

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