what else you could have done ..., page-2

Very hard to say. In the annual report they put NTA at $4billion - but also said that was 69cps - seems like fuzzy numbers to me!

If there was a significant market improvement over the next few years we could do well even in liquidation given the size and time required to liquidate centro (The liquidator is required to obtain the best possible prices for assets).

A more likely first step would be administration though.

I favour the banks bailing them out but with the surrender of equity and assets. The banks will much, much prefer this option - as in this situation:

1. they have centro by the "short and curlys" and can dictate where the money goes (ie to them).
2. Management funds continue to pour in
3. they can get equity for next to nothing and then sell in a little while for much more (200-500% profit) once centro is again" liquid"

Whereas in administration:

1. They cannot dictate terms (in fact have much less influence than now) and non-secured debt ranks behind many other things.
2. They wait some time for any return.

and in liquidation:

1. No say in process.
management contracts lost
2. no money back for years
3. Likely bank losses counted in the billions.
2. likely loss of management rights

Anyway - D-Day approaches and all will be revealed.