management team puts shareholders first, page-3

I hold BJT and subject to 30 June asset valuations it should still be sitting at 50c +. I'm back in Japan shortly so will have a better feel for the market, which I hear is still going down in commercial property. With J funds now investing in distressed Australian properties (picking up and land banking much of Pace/BNB JV portfolio a few days ago) Australia is where the current value to quickly turn-around (and in res not commercial) would seem to be. I expect most Aust REITs and many of the surviving developers to breach debt covenants as at 30 June, with unfavourable interest re-set and/or loans called in. This process is already underway. It won't take much of a devaluation to sink many of them, but then again they are already priced for the risk.