I like the risk/reward at this level, even on a liquidation...

I like the risk/reward at this level, even on a liquidation basis. Been in contact with the company and happy enough with the conversation. They're biting the bullet on Oceanique with this new discounted selling campaign.

If St George were to pull the pin, FKP have the most to loose. I'd be surprised if they didn't step in with a partial guarantee, and a linked t/over offer (in shares).

If FKP control the timing, I'd expect them to let PBD decline to a near death experience. Timing? Maybe prior to 30 June, but more likely once/if the final 2 marina approvals come in. These shore up its value as a stand-alone destination imo.

This will be a white knuckle ride. All imo.