Byron,I have nothing substantial to say about BT, but you...

Byron,

I have nothing substantial to say about BT, but you certainly raise a good cautionary note for anyone venturing into the UK market. I do recall some DOW (or ex DOW by then?) companies in the US succumbing to similiar issues during the GFC.

However as far as I am aware BT is not intent upon liquidating it's assets and returning the proceeds to shareholders? Nor most other UK companies, therefore I'd have thought more most it was a very manageable risk.

This issue (amongst other points raised by Gaynor) is clearly a cautionary note for any investors that might be glibly assuming that if/when GPG liquidates it's assets that it will have unhindered ability to distribute the proceeds to shareholders.

It is not MY issue, but a very pertinent one. I merely highlighted it as one of the more interesting issues in a pretty incisive critique of GPG by one of it's more astute shareholders (which I posted the link to), Brian Gaynor. How seriously one would take the risks would depend upon how one viewed the direction of the assets (and the associated liabilities in the pension funds etc. I personally would not dismiss the very well informed opinion of an investor as astute as Gaynor lightly. Especially given the words are his own, carefully chosen for a column, not just snap quotations through the eyes of a journalist.

As you were convinced that GPG was going to get nearly twice what it did for the T&G asset, please excuse me if I don't simply concur with your wild optimism. On what else are you over 90% over optimistic on?

EL