monday, page-7

Assets are typically valued not on the basis of a share price, but on the net present value of discounted cash flows. Loans are typically written against these valuations. Stable cash flows, predictable and liquid - increase the assets worth.

Have you heard of mark-to-market? If this company announces larger dividends next year, you watch everyone eat humble pie and try to jump back into the stock. The problem is that the listed vehicle used to acquire initial capital is too volatile. BNB are already looking at how to shield itself from shorters (who don't care what a stock is worth) and Joe and Martha (who don't know what the stock is worth).

They have not borrowed for anything that is not making cash - has everyone out here gone completely mad?

Don't run with the sheep, you'll get traa-aa-aa-ampled.