Ann: Quintana Campus, California Update , page-2

Looks like MOF has said to the bank "its your problem now" and are prepared to walk away.

Likely, with 31/12/08 valuation of US$108m vs. bank loan of US$106m that the property is now probably worth less than the bank loan, especially with only 40% occupany.

Good to see loan is non-recourse. I hope many other of MOF's loans are the same (can anybody shed light on this??)

I guess we may see a few more of these types of scenarios from MOF and others in the coming months.

Bought more MOF today.

Kasper, et al, re your REIT analysis - excellent mate. Like you I went big with GMG a few weeks ago (1.5 mill at 25.3c ave. Sold all today at 49.5c -- very happy camper!!!)