book value, page-11

http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSBNG38660920081222

I'm convinced the banks are going to worth with GGP- from memory, its one of the biggest trusts in the US (in terms of assets). I'm also convinced that come 2010, VPG will find it much easier to refinance debt. The risk as I see it is not around the refinancing but around covenants- but throughout the markets, theres ample evidence banks are willing to waive covenants in these times. Risk reward anyway- while its obviously been a dog in the last 12 months, my average is less than 5c- so I'm only looking forward. Cheers.