I like this recession too sydney. Personally more than professionally though. Bargains are about.
Be interesting to see how VPG untangle their European debt situation. Pretty tricky, but things are bad enough such that it has really become as much of an issue for the banks as anyone else. As long as interest is being kept current and cash shortfalls on refi can be met (delivered by falling LTVs) then there will be light at the end of the tunnel.
I does worry me a little when I see VPG buy things like dairy farms though. In tough times, I like to see operators 'stick to their knitting'. Still, you're right, it presupposes that they probably don't plan to shut the doors anytime soon.
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