att: enumerate - comments appreciated, page-29

In the note restructuring document they are saying that shareholders funds will be negative $1.5bn. This represents a $4bn decline in asset values since June which is roughly a one third decline (when you exclude current assets). Based on their previous balance sheet treatment this likely excludes the value of management contracts. Also there may be some assets that are valued at below their level of non recourse debt, so the true position would be better than this. I would assume given the predicament they're in these would be realistic current market valuations. The whole rationale to keep the company going is to realise better sales prices over time or else whats the point. It wouldn't take much of an increase in value (5-10%) for us noteholders to be in the money. We can't let this 20% pa restructuring charge rort go ahead. Its a disgrace that the board agreed to this.