Ann: 2011 Financial Statements , page-12

i am a TODHA holder hence acutely aware of the situation. However, when TIM went bust it was the at the start of GFC. Their assets were grossly overvalued based purely on the non-market levels of rent TIM was paying TODHA on behalf of MIS investors. A proper market valuation was never performed on carrying values.

I believe GNS have revalued their tasmanian plantation land and forests at $680m. In a firesale, I would expect 20-30% haircut which equates to $476m. This would easily cover core debt and pay back hybrids paid in full.

Even in a 50% haircut scenario (for academic sake), would realise $340m - also enough to cover core debt and pay back the hybrids in full.