we had a bit of a go at this in the thread "please help"MFS sits...

we had a bit of a go at this in the thread "please help"

MFS sits with 35% of stella with Stella taking 905 million in debt off MFS balance sheet

Stella pays interest on its debt, management fees, debt repayment and then dividends to owners. It will generate a return as this is how CVC will generate returns.

MFS "owns" its 35% and does not need to pay it off. Its 35% becomes part of what is left to secure 500 million in debt and then rebuild shareholder value.

The debt figure we worked out from statement from MFS re debt less Stella sale

It appeared to be about 500 million and they would be sitting on about 200 million in cash to fix problems including NZ

Thats where residual assets and ability to continue to generate fees and income becomes critical.

Issue is what is left

Portion of income came from structured finance and I do not know if this was an internally generated profit centre or did external work

Other income is from RE and management fes from trusts and satelites (Diversified and Living and Leisure

Unless there is fraud committed in statements to market I think the debt is about $500 including notes after sales but could be wrong

They have raised about 450 million in cash but some sales (Domain and Gersh) were hard to work which MFS enity got proceeds.
Board needs to do some deals to hold residual assets as if you keep selling things there is potential for nothing left to rebuild around.

I am not a shareholderbut would like to see a work out put in place and not a fee feast for consultants and solicitors.

A work out including some form of protection of the 11,000 retail investors in PIF is far better than the alternativ