GrahamMac,One of my fundamental points is that people are...

GrahamMac,

One of my fundamental points is that people are misreading ALZ as a dull and boring property investment.

IMO, that is not what it is: it's a highly leveraged property developer.

There are many "traditional property trusts" out there with the characteristics you describe. I've explained a number of times in previous posts why ALZ does not fit into this framework and why their in-house trusts are simply being used as collateral to fund expanded development activities and to prop up profits (via revaluations).

The silence from ALZ throughout this entire credit crunch has been deafening. For all of your sakes, I hope I'm wrong, but I doubt it.