Eagle, I think one aspect of your analysis is too bleak, and...

Eagle, I think one aspect of your analysis is too bleak, and that's Oceanique. I mean it's not as if it has NO value.

The Oceanique apartments are in the books at $26.7m. Obviously, they will try and get as close to that as they can, but if they did a fire sale tomorrow, I'm sure they could get $15m for them, so there's your worst case income.

Ultimately, the business of a property developer is to develop and sell properties. If you don't like that model, you probably should be looking at another sector.