You may be right about the equity position. However, the equity position only really comes into play in a winding up. If the earnings are there (and AFG is not insolvent) then the equity position is not as worrying.
The fact that the banks refinanced indicates to me that they think there are sufficient earnings to cover all the debts. And if there are earnings then I get my interest.
Getting the principal back... well 2012 is a long way away right now and I should have received enough interest by then to cover my outlay (in fact should be covered by end 2009).
I believe AFG did sell the wind farm for over book value. I think someone said it was booked at something like 5m on balance sheet so the selling price wqas way above that. But I don't actually know.
research note on afgha, page-28
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