Im back sorry wjr Kids sport got in the wayThanks for the link...

Im back sorry wjr

Kids sport got in the way

Thanks for the link to that update as I had missed it.

So as long as there is no spin doctoring on the number "liabilities on assets held for resale" then

$782 million debt

Cash in $450 million

core debt becomes say $500 million

With residual cash for working capital and "problem fixing"

Other issue is level of hole to fill in NZ.

Whats left

1) Stella
Other than partners loading up management fees and minority interest shareholders have certain remedies on this then Stella either embarks on debt reduction or partners will wish to throw out dividends to themselves and thereore MFS

2) RE and management rights Living and Leisure and MFS Group

Major issue here as these groups seek to distance themselves. Either MFS needs to make sense of these satellites and keep income from RE and management fees or and someone will and MFS will lose fees.

3) Residual assets
Sunkids, Sun Leisure Observatory Deck Cahills

Do not know much and any help on these would be appreciated but I will return to financials for further reading

4) Interest in MFS Group and MFS L and L
I beleive they still hold some of both

These require their own work out but have potential value.

5) Structure Finance

Is this division legitmate and how dependent was it upon deal flow from internally and how much was third party transactions ??

6) New Zealand interest
Pacific Finance represent a contigent liability but does other parts of MFS NZ have value

7) MFS Funds
Limited value unless a big brother partner is found to restore investor confidence

have I missed anything. Poetentially investments in some minor funds

jewel continues to be Stella interest as MFS needs 50 million a year to cover debt I think.


Anyway I will keep trying to get my head around this. Any more help appreciated