Remember that "mark to market movements" are really only reflected in the BOOK value of the company assets. They do not affect the cash flow of the company. If there is a period where profit or surplus cash flow is directed to debt reduction then the company becomes stronger. Property values will increase again in the future, if only because the population keeps growing they aren't making any more land and replacement costs will continue to rise. So what if NTA drops to 70c. It still beats 5c. CER has good cash flow and has reasonable financing conditions at this critical stage. It will survive as I see things.
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not looking good, page-4
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