They are close to the wire, but not as close as some downramping amateurs with NFI would have us believe. The banks know the situation and were happy to extend credit until 2009. One asset sale like the World Square Centre will change everything. They were offered book value in June and didn't take it. Why? Because they are not the distressed seller downrampers would have us believe. Coe is working his butt off in the London office and investors are close to tipping in a billion dollars for shipping and rail investments. What happens when (not if) they announce the sale of the World Square Centre and then announce a billion dollars worth of new investment? What will the downrampers with NFI say then? Of course the Board has to paint a very grim picture because the facts are they are not out of the woods. It would be foolish to paint a rosy picture.
AFG Price at posting:
27.5¢ Sentiment: Buy Disclosure: Held
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