fmf unit holders to be offered shares, page-7

Not sure why FMF holders would want CIY shares. Not sure why CIY shareholders would want shares issued to FMF holders, it would dilute them big time. It's a no win deal for both sides imho.

The FY08 results should be interesting, I'm expecting them to post a slight loss or a breakeven with little or no divi. The reason ... ABNORMALS! In the FY07 results CIY carried their 30% stake in CPK at $40mil and their 26% stake in IPA at $12mil, both were trading around the 70c mark at June 30 2007. Based on last Fridays' close the CPK stake is now worth ~$6mil and IPA ~$6mil , so there's a $40mil writedown in the pipeline. CIY also didn't get a divi from IPA , got reduced divis from CPK and reduced fees from FMF due to it's fee sharing arrangement with Fortress. It's gonna be a rough few months people.....