Fair enough there are two sides to every trade. My feeling is...

Fair enough there are two sides to every trade. My feeling is that this company has hard assets that can't be easily replicated, as opposed to Lehman Brothers which relied on financial instruments often leveraged 100 times over. Banking securities to me are incredibly complex and opaque. Though again I know plenty of retail investors in Australian banks who remain blissfully unaware of their true risk profile and have made buckets of money investing in them over the last 30 years.

No doubt if SGR got to $0.40 there would be some serious deterioration in the underlying debt instruments along with severe downward pressure on the carrying value of properties. So I wasn't trying to be flippant about the remortgaging comment, rather with the current information available anything under $2 would be an incredible price for SGR.

Finally my feeling is that this is one of about 10% of companies listed on the ASX that would be very attractive to PE buyers. One only has to look at SYD, RHC and CWN for similar examples of successful or attempted PE purchases in recent history. Though short term this could have further to fall yet.