As at June 2011 sales at 10% discount to book value would wipe...

As at June 2011 sales at 10% discount to book value would wipe out all shareholder equity. Every month you've also got capitalising interest slowly chipping away at your equity as the operating cash flows can't cover the interest expense.

Given that we have just seen a sale at a 19% discount and UBS are obviously very concerned about having their debt paid back, I now think that shareholders receiving nothing for their investment would be a short priced favourite.