Thanks Sir Michael

Vernon Small reports at Stuff:

The Government has written down the value of KiwiRail’s land and network assets from $13.4 billion to $6.7b and converted $322.5m of debt to equity in a major restructuring of the state-owned rail company.

The change will hit the Budget deficit adding another $1.8b of red ink to the expected operating balance which on Budget day was forecast to be $10.6b deficit for the year to June 30.

Thanks, Sir Michael Cullen. The over the top price you paid (with our money) for Kiwirail was called the Sale of the Century, and it was. Never before has a buyer made such a bad purchase. Toll must still be drunk from celebrating the millions they got from selling a lemon.

Labour or Greens have complained that National is going to sell Kiwirail. If only! There’s no one out there stupid enough to buy it. I doubt we could even give it away for $1.