On 26/05/08 I did a post that estimated AFG's net worth at...

On 26/05/08 I did a post that estimated AFG's net worth at $855M, with debts of about $6900M, giving gearing of about 8:1.
However situation almost certainly worse.
Google AFG and you should get link to
Intelligent Investor article
"Hangover hits Allco"

http://www.intelligentinvestor.com.au/articles/Allco-Finance-Group-Limited-AFG/Hangover-hits-Allco.cfm?articleID=390774&gclid=CL-pu4i05pMCFRwvagod5E3BVg

That adds extra likely losses, which I estimate puts AFG's net worth down to around $300M, (assuming of course no other loss of value).
Given that
(a) Allco will at best be much smaller than current, and not getting any profit from asset "origination"
(b) One of its core operations is aircraft leasing and that is certainly not looking to be a growth business at present fuel prices
I find it hard to see it better than break even for years.
I hold AFGHA, and was fairly keen on them a few weeks ago. However now a lot less confident even for them.
In the event of Allco being wound up, we would have to assume AFGHA worthless. (I know they rank ahead of shares, but realistically, Allco being wound up would almost certainly mean deficit serious on funds)

Have to say a VERY speculative investment.