I have warned that the iron ore crash will take down household names and it is. From the AFR:
Pubs billionaire Bruce Mathieson is poised to lose tens of millions of dollars after his 21.5 per cent-owned Western Desert Resources became the highest-profile victim of the iron ore price slump so far, calling in administrators.
…Former major Billabong shareholder Scott Perrin is also a major backer and a former director of Western Desert, which is chaired by former Coles Myer chairman and one-time head of Tourism Australia Rick Allert.
Mr Allert also holds an interest in the miner, as does former Woolworths chief executive Roger Corbett.
…Mr Allert said he was “very disappointed” with the outcome.
“But nobody can anticipate a fall in the iron ore price from $US136 a tonne when we opened the mine in December to $US84 a tonne,” said Mr Allert, who owns about 4 million shares.
Nobody, Bruce?
