nta and exposure

couple of key points that are missed

1. it's not AFG or Centro with a huge debt exposure due for refinancing- NO 2009 debt to refinance and enough cash to see it through till 2010

2. At 95c NTA backing per share they can dump at a 50% discount assets and still be well above current price.

3. It will be dumped by some funds/large holders because of uncertainty and no dividend, but then again the others will buy once the dumping is finished - as you are seeing now many people are thinking of grabbing a few in case she does indeed head back to 20c quickly.

4.The value in the receivership assets is still going to be greater than $0, just not the full value, and VPG have the right to take over these projects....

is it worth a max 49.4 and 31.1M exposure to wipe $200M off the company? nope..... not at all probably 1/2 that and say 35M value off VPG to be fair