It’ll be taken over before its wound up. 2 change in sub holders last week, anyone with the balls will make a tilt at distress companies and will reaping the rewards when market recovers. Expression of interest will be due in earlier in Sept, and resorts in October.
Most are top quality assets but is currently being undermine by some bad overseas investment decisions and is now paying the price for it. Once they get rid of the JV, senior housing, hotel/resort and homemaker then they will be back to basic and possibly a very attractive T/O target (this is take time of course).
A discount of about $2 base on NTA and they are not debt stress like CNP and have top quality assets to offload if necessary.
announcement, page-11
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