what to look for in the announcement, page-11

Swap.

Just remember that the so called $1billion loss only reflects the writedown in property values. It has nothing to do with the net profits generated by the organisation.

Also the restructuring costs will be seen as a 'one of' and the market will see it at such, and may even perceive it as a a positive sign that the coy is serious about getting its house in order.

As far as legal provision for potential legal action is concerned, that is 'dead in the wood' as today's AFR notes that the coy., Pelorous, has had its shares suspended for breaching listing rules.

However, I agree we will need to watch the level of interest rates that may be imposed on the coy, as a condition of remaining a viable enetity.