my final post .. thanks for everyone's patience.trojax .. you're...

my final post .. thanks for everyone's patience.

trojax .. you're on the right track..

1. The equity value of the European assets were close to zero anyway as at 31 Dec 2008 - (if we take out the goodwill of the management business which was counted as a $210 mill European asset in the annual report ,and which is now being retained/transferred to VPG post DUKE) .. so Europe hasn't been written down to any extent.

2.And Jonkey is right .. the goodwill is not an NTA ,, but still is counted as an asset and part of the equity by VPG in its annual and HY reports .

so I will count it too as an asset and part of the equity.. as it is a valuable business and does provide a handy income stream.

So ..
3. I estimate that the equity should be above $800 mill post the upcoming HY result .. which will be made up of $600 mill NTA (effectively the Asia Pacific property post write downs) plus $210 mill in goodwill(the retained part of the European management business).

Current market cap about $140 mill ...