What is the market most worried about?NTA going down -a given...

What is the market most worried about?
NTA going down -a given (MAYBE WITH THE RESULT THE BANKS WANT THEIR MONEY BACK BEFORE THE ASSET VALUES DROP FURTHER)
BNB going under -likely
Refinancing-unlikely

I wonder if they could just liquidate their holdings and pay shareholders out...is this a possibility? 30% OF JAPANESE PROPERTY DEVELOPERS HAVE FILED FOR BANKRUPTCY IN THE LAST 4 MONTHS, THIS IS EXPECTED TO HIT 70% WITHIN A FEW MORE MONTHS - GIVEN THE OVERSUPPLY AND FIRE SALES UNDERWAY, APART FROM A COUPLE OF THEIR BEST PROPERTIES THIS IS NOT THE MARKET FOR BJT TO EXPECT TO SELL AT ANYTHING RESEMBLING HISTORICAL VALUATIONS FOR THEIR PROPERTIES. JAPANESE PROPERTY MARKET WILL NOT REBOUND AT ANYWHERE NEAR THE SPEED OF THE WEST AND IT IS STILL ON THE WAY DOWN.