perplexing, page-3

Thanks Simgrund,

I think PIF members should be troubled by the fact that an "accounting treatment" is able to revalue assets valued at about $90.7m to about $55m immediately.

After this revaluation there was a further impairment of both the September and December 2012 "sales" by more than $10m.

I agree that your PIFAG should be very concerned about how the assets could be valued at such diverse values in the two entities (WC PIF and ARL).

Otherwise I'd have to conclude that "accounting treatments" have more value-crushing power than cyclones and floods.