Oriflame - comment

Results this morning are a continuation of the membership tailspin the company has been in for years now, even as it seems to be slowing to inside -20% annually now - much worse than we had been expecting only pre-summer. Before any evidence of an operating turnaround, it is impossible to put a constructive value on the business, which limits room for creditor negotiations with the family representatives. The company has been removing various entities from the restricted group and talks are getting underway, but we are only fighting over the carcass here.