chart is very good shape, page-25

Agree, the work is largely done and also that the share price should increase anyway, especially once the earnings start to flow.

It is all very sensitive to the IO price of course.

The main angle the consortium are playing is that the IO price will structurally decline, decreasing the potential uplift in earnings and leaving the debt millstone around ARI's neck for a long time.

My view is that the IO price will stay in the $100 to $120 range so consortium will probably miss out on their desire to pick up a distressed ARI. The question is whether or not the consortium believe they will loose this chance and how willing they are to secure ARI's assets by making a reasonable offer.

Agree 2013 will be a good year for ARI SH.

So they should accept I am of the
p and put the
Of coaurse