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The Australian

Good morning,

Renowned Melbourne deal-maker David Williams' offensive behaviour and bawdy jokes might have finally put his job at risk inside Polynovo after an under-wraps legal review. Margin Call has the inside story.

The state of the Whyalla steelworks is “a lot worse” than administrators KordaMentha expected it would be, with joint administrator Sebastian Hams saying it appeared maintenance and repairs had been neglected for the lion’s share of the time the operations were owned by Sanjeev Gupta’s GFG Alliance.

ASIC has been asked to further investigate the $318m collapse of Mosaic Brands, after Senator Deb O’Neill told a parliamentary hearing she had been contacted by whistleblowers who allege they have been duped by the retailer.

The markets

Making news this morning

1

Risks mounting for ‘likely’ Victorian energy crisis

Victoria is likely going to have to burn coal for longer and endure a gas shortage, says a new report commissioned by the state Labor government.

2

We need to ‘bust open’ directors club: Wylie

Tanarra Capital founder John Wylie advanced his commonsense approach to board diversity, asking, ‘Where are the people from the western suburbs?’.

3

ASIC probes links between First Guardian and Shield Master funds

The same group of advisers who spruiked now collapsed Shield Master Fund to superannuation investors, were also recommending now suspended First Guardian Master Fund.

Editor's picks

Wilson builds his own ‘hybrid-like’ fund with $510m IPO

The veteran stockbroker has an income solution for the looming end of Australia’s multi-billion hybrid securities market.

By ERIC JOHNSTON

Hydrogen hopes go up in smoke

Australia’s $100bn green hydrogen industry faces a reckoning with dozens of projects on ice or remaining at a concept stage, a fresh headache for Anthony Albanese

By PERRY WILLIAMS

Double Bay spending spree as debts disappear at Pallas

One of Sydney’s hottest private lenders has wiped a string of bad debts from its books, as it boosts profits through fees from a string of property acquisitions.

DataRoom

→	How Healthscope’s pain plays out for landlords, as suitors circle

HMC Capital’s HealthCo REIT is caught in a dilemma as its hospital tenant defaults on rents.

→	First round bids for Ravenswood

Bidders are lining up for EMR Capital’s $2bn Ravenswood gold mine, with the $2.4bn Australian listed Regis Resources believed to be among the line-up.

→	Wall Street set to prosper on PE push for more deals

David Solomon says the number of large US companies interested in buyouts has picked up.