Hi I agree it may not be the bottom yet.
This is some of what I have gleaned so far:
Centro look stuffed - why - well the balance of their centres are in the US and the US might be headed for a recession or at least a decent dip in spending. Those centres would therefore struggle getting tenants, so loans for that won't be easy to find anywhere in the that climate. The Aussie banks all have money in Centro but they can handle the losses and certainly won't be lending for Centro's US properties.
MFS's sudden drop might be due to Centro's suspension - the big worry being MFS might be doing some sort of secret deal with Centro. (Surely MFS would be suspended too.)
MFS seem to want a hand on Centro's Aussie properties but this is all complicated because Centro manage their own properties and MFS won't touch them with Centro's wayward managers in charge.
They (the newspapers) now say Centro have rejected MFS's offer to be the "responsible entity" (which I think means MFS overseeing Centro's management). Easy to see why - that's no help to Centro when they want $3.6 bill. - not someone checking their compliance. One paper mentions a missing $1bill from Centro's July financials??
Nowhere can I see MFS implicated except as a dog sniffing around. MFS just don't have the clout to do much from what I can see.
Someoen like Macquarie could step into this and make a killing. Whether they will or not we will find out soon.
One thing is for sure - they will let the hurt build to the highest level so they can then make their move at the greatest possible gain. In the meantime the suckers just hurt.
Cya
MFS
mfs limited
