costs, page-15

texas-here is a little simple math

decline in asset value 10% debt <45%
20% debt <50%
add carry value of
unsaleable forward
developments at
less than book debt> 50%

decline in lease value?

vpg run on cash flow backed by assets,under the above it all looks a bit sad,by their own admission reserves are sufficient to carry the existing loan book,with marked to market valuation nta will fall,a rerating of credit viability
will almost certainly require asset selldown.

and at that point there goes the eps higher int. costs,think 3-5years and vpg might be ok,in the meantime
cashed up entities are circling the carcase,the one thing i can say about shorting,they do the math before the game and in the current climate ,vpg must represent a prime target,
afterall they are much smarter,we only have hindsight.

oh ,shorting is not going to disappear its a very usefull tool in a modern age.markets of oz might be a blog,but it paints a very real picture,along with the trade my signature
and i no longer hold vpg but am still interested in learning
so once again dyor this is only a point of view.