Chairman John Gay has come out swinging as he seeks to stave off demands from institutional investors that three long-term Tasmanian directors resign, presumably with a view to constituting a new board with a strategy that doesn't involve logging high-conservation forests or building pulp mills.

Also destabilising the company are rumours circulated by environmental interest groups claiming Gunns' finances are in such a parlous state that ANZ is insisting on signing off on all cash outflows.

A spokesman for Gunns yesterday scotched the rumours, noting that ''we have a very good relationship with ANZ Bank and there is no truth to any of that speculation''. Gunns' denials are believable as, despite profit in the December half falling 98 per cent, there is no indication the company has breached debt covenants. At least not yet.

Still, for anyone wondering whether the company can find it's way through current difficulties there is one coal-mine canary that could provide an insight into how insiders are seeing the company's prospects.

Gunns' annual financial statements disclose an unsecured note scheme that allows company executives to deposit cash with the company, presumably offering an interest rate a little better than a bank deposit.

In June 2008, when the Gunns' share price was $2.38 and the company was in relatively robust health, the scheme held $7.8 million. By June 2009, with the share price at $1.07, several depositors had headed for the exits and the scheme held $4.8 million.

Unfortunately the unsecured note scheme balance is published just once a year. But with the company's share price now at 55.5¢ and with an uphill battle to keep the bank at bay looming, it would be interesting to know how the unsecured note scheme balances are now looking.