query, page-6

texas-just wait awhile,contingent liabilities in reality are
an off balance sheet item,so without knowing the reality of any companys actual situation,it becomes difficult to determine.

its a given that every other player that has reviewed assets,
on a marked to market basis,a most disagreeable method but currently a legal requirement,they all have significant writedowns,when i originally purchased i discounted the negative cash flow from balance sheet writedown,however a model that requires a churn rate,thats sales,to acheive profit
combined with a development pipeline,is unlikely to maintain income levels in the current economic climate.

after an in depth discussion with my chartered acct. ,it is apparent that off balance sheet debt is a growing problem in as much ,that it is used to disguise losses,without being privy to a companys position it is a matter of real concern.

text books will not disclose sufficient information for the distortions in application,we would be relying on the integrity of the provider ,and history says thats in short supply.

fums and av. capitilisation rates in this climate ,devoid of sales and hindered by potential liabilities in jv.
projects.

without a clear statement from vpg,makes this a risky proposition,and current sp. and course of sales support this view,this of course doesnt preclude a significant lift if vpg are able to provide positive affirmation of their
position,and i am sure they are good managers,but did they choose a suitable vessel to navigate the worlds troubled waters.

and in support i have long admired the model they use,the timing of expansion however in this climate is of paramount concern.

not much point,until vpg provide suitable statement that accurately refects their position,this is a 1:80-100 event for all of us and hopefully my children will never see this again