amazing, page-13

a big problem...selling 600mil of property would leave about 600-700mil of property in the portfolio. they look like losing auite a bit of money on their loan book atm...its not only loss of money from the mtm short term on the cre loan book, it is also loss of money from the mtm from the subordinated debt used to fuel the cre loan book.....this can get a bit ugly methinks.....

not to mention if they own ~1.2bil of property & they sell half of it + heir liabilities from the loans...nta will not only decrease quite a bit (but not down to 20c though) their eps will be less than 1/2....think about it if they sell 1/2 the properties in this kind of a eu property market you will probably lose money (fair value not good value they said in the report) & you will lose 1/2 of your earnings. 1/2 of eps not is prob 4.5cps but prb much much less given th losses i can see ahead atm....this is no longer a high yield div play.