just an option now

So aez is trading as a going concern but valued for accounting purposes on a windup basis. Fortunately, despite delays in reporting, its ended up with a positive NTA for now. And, just as important, it is keeping its head above water operationally.

given that they seem to have quarantined particular borrowings against particular properties,a loss on one is not offset on a profit on another, so it may well have around 5c of NTA even on a quick windup basis.

5c may not seem much, but its still 2.5 times the current mkt value.

If they can end up with a two year wind up period, that might just provide time for a more orderly selldown as the current pickup in high grade property sales extends downmarket.

Its high risk, but it just might attract a hedge fund looking for distressed assets at a discount that can simply reduce the borrowings to get the banks off their backand return the valuations to going concern and conduct a workout once Europe rebounds.

Its an option play at this level with just 2c downside and an open ended upside capped to 5c in the near term.