Such an appropriate name. For starters the there is no Fortress loan to the fund, Fortress co-lend with the FMF on some of the projects that are currently underway, and did so BEFORE the credit crisis began. Secondly Fortress ranks ahead of unit holders only on projects only that they currently have invested in (three projects at 60 million total) and have no charge over any other assets of the fund. Finally you state that the true NTA after the CBA and fortress is 20c, I've laid out the maths below for you:
Current NTA 654,062,687
20c NTA 194,723,290
"The 20c NTA is after CBA and Fortress have been paid back. the 60c claimed by current management is a joke."
Current NTA - 20C NTA = 436,041,791
Minus CBA debt and let’s throw in fortress' 60Mil just in case (which assumes 0 recoverability for fortress' part of the projects)
90,765,000 + 60,000,000 = 150,765,000
436,041,791 - 150,765,000 = 285,276,791
So basically you’re saying a third of the fund is to be written down, even though assets have only just been stress tested for recoverability by independent auditors?
But in all seriousness please stop embarrassing yourself on this thread. Unless you come up with some actual facts rather than hearsay and conjecture about your relationships with CBA and the FMF accounts, whatever you say is pointless.
CIY Price at posting:
4.3¢ Sentiment: None Disclosure: Held
