Bankruptcy..., page-5

Hey sunnyisland, I agree with your sentiments and I applaud your initiative in writing to Alan. However, I think your valuation is a little off, on the steep side. I have not calculated it for some time, but last count from memory was circa ~$800 million in NTA.

The complexity comes from the statements being consolidated, so the development arm and the REIT are represented in the financial statements as if they are 100% owned, but they only own partial amounts of each.

consolidated financial statements are a mess and not without flaws, no doubt