current nta per share is still over 70c, page-2

True.

But it is before the CRE loan mark to market.

There will be a big CRE imparement adjustment, however it is an unrealised until the CRE is sold at a loss or can not be collected.

NAB would like its money but it is in Australia and the assets are in Europe. Also AFG owes NAB a lot. Little point in NAB needlessly putting one of AFG's big fee payers into receivership.

The subordinated note holders will absolutly go for their money. But if the tip REU into receivership both CS and NAB get to put their receivers in.

Basically REU needs NAB to wait until Jan 2010, two cre loans maturing by then. They also need the CRE loans to mature and not go bad!!!!!

There is little point in the subordinated note holders to put a receiver in for Eur 50m CS and NAB go first and given the hugely complex legal structure of REU it will be a lawyers delight for a few years.

I suspect that NAB will allow some time for a large price.

The note holders will take an accelerated repayment programme say two years. Oh, and extra interest too.

Put simply they will get REU to put itself in run off.

It the CRE losses are small then there is a good payoff for us. If there are big losses in the CRE book then there will be sod all for us.

No dividends for until after 2010 if ever.

Sounds exciting??

About as much fun as being in the basement of that house in the "Silence of the Lambs"

Cheers.