big ann - bigger than ben hur, page-86

123
The gearing of BJT would be very different to the 58% in Dec.2008 if all the properties were valued on the basis of the recent sale.viz.18% discount to that valuation.This is the problem GJT ran into--their lenders (correctly on the evidence of BJT's recent sale) didn't accept the trusts valuations.This isn't rocket science.BJT did well to get their sale away but it would be surprising if other lenders-including BJTs- did not take note of the price paid to BJT.
Good luck to all holders,especially to those have made money.Selling at the 'wrong'time is a part of trading.There's always another train emerging from the tunnel.