Looks like MOF has said to the bank "its your problem now" and are prepared to walk away.
Likely, with 31/12/08 valuation of US$108m vs. bank loan of US$106m that the property is now probably worth less than the bank loan, especially with only 40% occupany.
Good to see loan is non-recourse. I hope many other of MOF's loans are the same (can anybody shed light on this??)
I guess we may see a few more of these types of scenarios from MOF and others in the coming months.
Bought more MOF today.
Kasper, et al, re your REIT analysis - excellent mate. Like you I went big with GMG a few weeks ago (1.5 mill at 25.3c ave. Sold all today at 49.5c -- very happy camper!!!)
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