specific valuations will never include management, but the ASX...

specific valuations will never include management, but the ASX market as a whole does - if you had two companies with the exact same asset, one with crap management and one with stellar management, the MARKET CAP of the good company would be HIGHER.

valuations do not care about how much past equity has been chewed up, valuations deal with the here and now

in my formula X is not a factor, it is the unknown amount (market value of assets), and given the other two values are known, simple maths can determine what X is

my post never said MAE had $68m in real estate, i said its properties (meaning its projects, reserves, whatever you want to call them), plus ALL of its other assets (which does include its management team and physical plant & equipment, infrastructure etc) are being valued by the market at $68m


you are struggling to grasp simple accounting and finance concepts, so i'm not going to bother repeating myself again.. i also won't bother asking how the banks stand to lose a lot because you continue to dodge that question

Lautrec - don't think I directed any of my posts at you, have always appreciated your honesty on this thread and it sucks to see genuinely honest guys lose money on a stock in this kind of situation