Good read Coops.FWIW, when I spoke to management at GJT last...

Good read Coops.

FWIW, when I spoke to management at GJT last year they were looking at new banks for 09 and possibly 10 rollover funding. The bank with who they repaid $29M recently screwed them at the last minute in 08 when the extension was granted. The story told to me was that the bank in question kept saying it was all good, the money would be OK but couldn't quite get around to having the paperwork finalised. At the last minute they said GJT could only have the funds on short term roll-over at about 4.5% above bank bill rates instead of about 0.75%. Classic case of bank bastardry.

Anyway, my take was the feelig that only the very large J-REIT's were getting any loving from the banks. I would be suprised if the Dev Bank of Japan gives two hoots about a piss-ant Aussie REIT with massive currency losses and breaching it's lending covenents. Then again, they don't want all that realestate hitting the market at firesale prices and causing domino deflation bringing down all the local boys! Bit Huri Kuri really....lol.

FWIW I recon the banks will support distressed smaller companies for a couple of years, raking in punitive interst rates and penalties but not actually forcing asset sales or closure of the Trusts. Orderly wind down while the pirates make a tidy bounty.

cheers