what the market was looking for, page-6

"in fact the whole leverage is still too high."

The leverage is too high only because the assets are valued so low. Real estate is valued well below replacement cost, no value is placed on the "Duke" asset and there is no value placed on the goodwill for the management contracts. Even then the NTA is above the asset valuations.

The fact that they are trading at a profit should mean that any debt should be rolled over. In time we should see a return to better valuations.In the meantime trading for freebies is rewarding because of the volatility.