Ann: Anticipated Impairment Charge , page-13

Boy they were some really ugly numbers that were released this morning. Really ugly. I was expecting some decent write downs, but not that much, although I suspect the mgmt are writing things down properly in the hope of not having to do it again at the next reporting period.

100% sale of DBCT is now totally critical to survival. Hopefully if a sale is achieved at a reasonable price, a gain could be made and partially offset some of these writedowns.

One saving grace is at least the asset level debt cannot rise up and overrun the whole company, so that is a help for now, but the company is almost down to $1.3B of equity (excluding the BEPPA and SPARCS) and that is a pretty skinny amount to be holding this entire entity together on.

The sweep banks will really keep the pressure on now. That will not be satisfied until all corporate level debt is repaid in full. I cannot see right now how they would accept anything less than total repayment.