next most likely to raise capital, page-3

Its funny you should mention their cash.

You see, when one calculates their current ratio (current assets to current liabilities) it is well under 1. Indeed I think its running at close to 0.5 off memory.

In my training, I was taught that a figure under 1 was dangerous.

You might also wish to take a closer look at how AMP value the joint assets WDC and AMP hold together, such as Waringah Mall, Liverpool etc. AMP's capitalisation rates used on those assets are actually between 50 to 75 bp higher than what WDC value them at.

Now how can two very large JV partners have completly different valuations on the same assets? Go figure.