interest cover, page-10

totally agree with you.

The problem with REU and RAT is it will be difficult to o reducxesell their subordinated loan without suffering massive haircut at this market. and if we assume they sell it at a lost, they have tpo sell properties to reduce their gearing levels. Meaning reduced asset values and reduced distribution.

RJT has no reduction in Asset value but only reduction in dividend to reduce risk. There might even be an appreciation invalue if sold say at a 20% or 30% above book value like BJT asset sales. Thats why Im finding it hard to believe what is happening to RJT.

I spoke to people from Fat prophet and their concern is poor management and poor asset quality compared to BJT.