"This company is trading on a negative NTA"good pointthis is the...

"This company is trading on a negative NTA"

good point

this is the big question

is it trading on a negative NTA

probably is

credit squeeze higher interest rates could mean the assets are worth less than on the balance sheet

that is the bet

either the NTA is worth something or it is not

Bookvalue is supposed to $6.20

from memory

$15bn assets
$13bn liabilities
$2 bn equity

the assets would have to drop in value by 13% for the shares to be worthless

you could probably forget about cashflow as the business model is smashed.