not sure if cash flow positive by h2 2008, page-7

Hmmm...Im going to put on my devils advocate hat for a moment.
If my back-of-envelope calcs are a reasonable reflection of costs, then - contrary to company statements - they're not cash flow positive going forward.

Now, that in itself wouldnt be such a problem if it werent for the fact that money is getting harder to find out there in credit-land. To me, this issue is - by far - the biggest emerging problem for the developers & juniors. SBM's recent pillaging at the hands of Macquarie have me now looking for the firms that can avoid such b@#$tards by running a tight ship.

On balance, MCO still appears attractive, and yet, and yet...