ann out, page-62

well the business model is flawed I reckon

buy monopolistic assets with a massive amout of debt

it works ok when interest rates are low and there is plenty of credit around

but not now

the interest cover is -.35 already

where are they going to get the cash to pay the interest

warren buffett said having debt is like driving a car with a dagger attached to a stearing wheel with it pointed at your heart.

Better hope you don't hit a bump in the road

well it has

high interest rates and $300 m short fall in refinance

this is absolute disaster for the shareholders and the investment banking sector