not sure i agree with your optimism whitebeachlover. the vcs...

not sure i agree with your optimism whitebeachlover.

the vcs position they did realise was at a 25% discount. given other projects are in bankruptcy etc i think 40% is probably in the ball-park.


as for the broader property portfolio, UK has been decimated, the rest of europe may have held up better but valad's propertys are typically 2nd grade and have probably been hit harder.


as for the banks, i expect they will go out of their way to completely screw valad if she breaches her debt covenants. i'd be suprised if valad can continue attracting investor funds given the uncertainty and complete decimation of the valad share price.