I've made this analysis last night, we need to replace 39c for...

I've made this analysis last night, we need to replace 39c for whatever number finish today (27c???) still undervalued...

As of 30th June the public numbers were:
Assets: 12.5b
Liabilities: 7.6b
Corporate Debt: 3.1b
Cash and Other: 0.85b

Equity: 2.65b
Number of Shares 400m
Estimated Share Price: $6.65

Now, assuming impairments of up to 1b (IMO exaggerated). Increment on Corporate Debt to 3.25b
cash and other assets to 0.5 b
Equity would be 1.2b then estimated share price would be $3.

In theory, banks have made the assessment on BNB capacity to repay their debt and remain solvent, in fact they have been injecting cash into the company since June and now they have given them sometime to revise business plan and find proper buyers for their assets.

I don’t believe we’ll see $3 for a while, but 39c seems to be oversold. Regardless of how NY performs in the following weeks, we should see this stock get to a stable price around $1.3 to $1.5 and if credit conditions begin to improve in 2009 plus asset sell over book value plus thaw of 140m from Germany, there should be some future for it (I would think in something between $1.75 and $2.25).

Maybe I’m wrong or too optimistic, but I’m not the one who just gave them 150m to stay alive, I’m just a small shareholder.

Could anyone correct me if I'm too wrong