Ann: Native forest land sales , page-11

Lord,

Thanks for the information.

As I suspected, GNS did sell the forest+land with a deep discount, otherwise it would put the book value in the announcement more eager than anyone else.

As to the value of the rest of GNS lands, the result of GTP's MIS land sale would be a better indication. How is it going? Will have any results soon?

GNS may be able to claim more non-cash incomes this year, but what about its operating cashflow? This cashflow is more crucial than income manipulations to dodge a breach of loan covenants. I expect this operating cashflow would be negative (after the divvy to convertables).