cic or cap raise, page-33

Just to add to the last post. Assuming CIC did come in with a 500 million buy, GMG may use that cash to buy properties at todays deflated prices which would further reduce gearing ratio, lining them up for a good 2010 position when it comes time to refinancing. Stock goes up. By that time, banks should be in a better position if not, we always have MQG and CIC to fall back on if a credit crunch does come back into play. MQG have already stated that one part of their "new model" is loaning out that bankroll of cash free cash.
So Goodman giving away the options, not only guarantees CIC and MQG involvement but also may be cheap compared to the cost of capital raising and the dilution involved with that when the stock price was in its 20's. How much would we have had to give away at that time to get required capital.
Can GMG earn their way out of the current situation with less dilution than the other REITS using a different approach?
I'm starting to think that CIC will buy in and GMG will pick up some new non-interest baring distressed assets/properties(probably in Australia)and in turn improve the gearing ratio that way. Although we have more shares issued with the options, the company will have effectively grown at the same time, get the required refi in 2010/2011 and we are all better off. I have seen these guys in action in China and they don't overpay for anything. They will walk away over pennies rather than buy if the price doesn'tmeet with their expectations. Could that mean that GMG asset writedowns aren't going to go much further by the time they have to report?
Holders may be in a perfect postion with a 40c SP. May we get a suprise?
Any thoughts?