A "minor detail" from the interview..."DC: Alan, I won’t take...

A "minor detail" from the interview...

"DC: Alan, I won’t take you through it in great detail and I’ll tell you the reason why. We have to repay, drop our senior bank facility from currently $700 million down to $400 million by June 2009. That reduction in debt is driven wholly by asset sales and the asset sales make up the dominant feature of our cashflow, along with some reinvestment I might pay to ships that are coming out of the ship yards and a small number of planes that are being delivered for leases. So the reason I don’t wish to be precise down to a monthly or quarterly basis on the cashflow is that I don’t want to give potential purchasers of assets some insight into when we need meet certain repayment hurdles.

AK: Can you tell us whether you’re cash positive or cash negative?

DC: We’re cash positive, but that is…

AK: On an operational basis?

DC: No, on an operational basis it’s cash negative."

Lets just review that...
"I don’t want to give potential purchasers of assets some insight into when we need meet certain repayment hurdles."

This sounds like a distressed seller.

And ...

1) NTA $21M.
2) AFGHA annual interest $30M.
3) "on an operational basis it’s cash negative."

If I was a shareholder, I would be putting pressure on the board to capitalise interest on AFGHA instead of paying it.

... Whether I have done "ACCOUNTING 101" or not.