I had wanted to move on from a previous virtual persona but have been challenged in the past week by this at the Cairns Post: Former Cairns developer and bank battler backs ombudsman review
I wont go into detail. It should be history and left behind. However it is significant for potentially repeating past mistakes in a future Cairns where collective memory, particularly at the Compost, is rather limited. This was my post at Loose Change in 2011: The rise and demise of CEC
Not a great graph as I acknowledged at the time but best I could do try and represent the rapid expansion of CEC post 2007 and subsequent implosion. The maroon bit is net. Assets in the last years included a material deferred tax assets component which is where the auditor ultimately had an issue. Best for my own mental wellbeing that I don’t rake over these coals. Anyone so inclined can search the ASX database on corporate releases from CEC notable for the serial failure to meet reporting deadlines.
However, surprised that after all these years this link still exists online: CEG – CommSec 2007 Emerging Companies Conference – Mr Roy Lavis, MD
The key comment here comes just after 27 minutes in.
Roy Lavis: “I want to grow this company to a billion dollars very, very quickly”
Yep, It was the banks what done it I tell ya!