Your detailed thinking is laudable,but is it relevant?Isn't the...

Your detailed thinking is laudable,
but is it relevant?

Isn't the issue that either RJT goes belly up or it doesn't?

If it does, it's worth nothing.

If it doesn't it will eventually be worth multiples (ie 3+) times its present share price.

I have read many posts arguing that the Rubicons will be able to meet their borrowings, and eventually all will be sweetness and light.

For the sake of holders, I hope that's true.

But it all depends on what prices are actually achieved in buyers market.

Perhaps best hope is that Japanese super funds will not want to see value of their realestate investments plummet, and will buy at not too much of a discount.