Neil your numbers stack up but as I suspect the banks may force them into administration so they can get their money because of the current liquidity crisis. As you say they have quality assets which should cover the debt but once you add possible further writedowns, fees, penalties, administrator's costs etc etc I don't think there will be anything left should the worst case happen.
Liquidations have a funny knack of turning out that way.
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Neil your numbers stack up but as I suspect the banks may force...
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