the australian banks extend centro deadline , page-3

Once again, I am not downramping, but merely a comment re 'book values'.In the HY 08 ,it was quoted the Centro Halls head had a 50% occupancy rate, therefore giving it a 'book value' of X$. However,what was not noted were that the proprietors had signed 5 yr leases,and most were actually trying to re let their premises, because the door traffic was virtually nil.If leasees were allowed to walk, occupancy would be approx 10 %
This gives warped value, and how much does this effect many other centres? This is my main concern re the actual value of the company when all is settled.
In reality,a settlement of terms ,and not sales, would be a more favourable outcome, but the state of finance of late makes this a herculean effort by management.Keep the divvies, and hedge on net capital gains perhaps, I am not sure, but the Ruf may need to pull a rabbit out of his hat with this one...