financial report out, page-19

melua

I think the point with the $900M write down to be recognised here is that the CI does not want to put his money in now, only to have assets written down by $900M later to reflect what the current market value of those assets and then have to bear his portion of that writedown.

They want the writedown to happen now, pre the recap so that the existing holders bear that writedown. To be honest, can you blame them?

So I don't think the writedown is that much of a big deal, however when it is eventually written back into the books it will be spread across all the shareholders, including of course the CI. the CI is going to be really getting in at the ground floor here, as will anyone else with the grunt to take up their share of the issue.