i will call her at 1.40, page-35

journos implied that some sort of catastrophie was afoot

It was never going to happen

this sale of the hotels is just business as usual kind of stuff I reckon.

Just imagine if you took it a bit further and instead of selling the hotel you sold everything, what do you think might happen.

Here is one scenario.

All the assets other than the funds are backed by tangible assets like property (not intangibles like management agreements)

The worst that could happen is that the company would have to sell the assets at a discount.

In inflationary times property tends to hold its value as can be seen by the sale of 29 properties by CNP for a 10% discount

The properties earn about 7%
47% of assets are covered by debt hedged at 5.14%

It doesn't really matter if the company sells stuff or keeps it on the books as far as I can see.

They sell it then they reduce debt. They keep it - it earns income.

If they sold everything at a 20% discount, paid back the banks and returned all the remaining capital to shareholders, each shareholder would get about $3
$21 bn discounted at 20% = $17.5 bn
subtract $10 bn in debt = $7.5 bn
2099 m shareholders
7500/2099 = $3.57
50 cent would probably go in fees I suppose

I reckon us shareholders should vote to wind up the company and get the $3 left