Surprised they have managed to pay Fortress back. But if you look at the MFS PF balance sheet, MFS has provided PF with a loan of ~$160m. I doubt they will be getting this back.
In addition, under the terms of the Put Option, PF can "put" to MFS any loan which is in arrears by more than 3 months, or any loan that is impaired. As at 30 Sep 07, $46m of loans were in arrears by more than 3 months. 80% of these loans were in arrears by more than 24 months!!! So that indicates the quality of the stuff that MFS will be forced to acquire at face value. These were unaudited figures and may get larger if a proper review of the loan book is conducted.
Some of the optimism of posters on this forum seems excessive in light of this sort of information...
MFS Price at posting:
0.0¢ Sentiment: Sell Disclosure: Not Held
