just a correction to my earlier post....in fact if you purchase...

just a correction to my earlier post....in fact if you purchase 1000 x AFGHA (about $17,000 worth), you will receive some $15,000 worth of interest payment on the notes, over the next 14 months. Not the amount suggested in my previous post.

Worth noting that troubled investment bank Lehman Brothers has seen stong demand for listed notes.....this despite questions about the viability of that company.....but the posssibility of the entire group being sold, means notes will be paid out to their full face value.

A sale or major restructure of Allco, would most definatily see full redemption of the $100 notes (rather than the somewhat less formal letter of support, to back Alleasing coupons.)


The much discussed adjusted net tangible asset backing for the company, of $21m, excludes all goodwill...where as in fact, all or most of their aviation and shipping assets are currently leased......thus they SHOULD carry a goodwill component. Add back some $232m for aviation and shipping, should market value (including goodwill) be used as a guide to the worth of the company. eg the shipping value (in the $21m adjusted NTA)....is on the basis of charter free, willing seller-buyer basis.

Page 11 of the 29th August, 2008 report announcement and business update, explains in more detail.

So what is the point.....quiety confident here. As the gapd closes between total assets and total loans...(less things can go wrong) it would become more likely that AFGHA holders will see a significant return on their current $17 notes, even if a dire situation developed for the company.

$800m corporate loan (after Alleasing Sale)
$342m Allco notes

$1,200m to $1,400m assets.

Something there I think, over and above $17 for note holders.

NOTE: Certainly a post here, specific to the note holders. Apologies if you hold the FPO or even Allleasing coupons, however I know that many here hold AFGHA. We need seperate threads.



The Annual Report is due out within the next week or so. Previously they detailed all major assets held by the parent. Look for specific items they can continue to sell off in the Annual Report.