could vpg tank..?, page-95

find8, what happened to the aussie debt?

from memory the aus properties have about $400m of debt. so your NTA calcs are clearly wrong.

also, the $210m management rights are goodwill and therefore a part of NAV and not NTA.

i stand by my estimtae that valad's NTA will be about 10c at june 30 following a circa $600m loss for the half.

so valad should be no more than 5c or 50% of NTA.

sydney, the DUKE debt is non-recourse to valad so valad is not liable if duke equity goes negative.