I dont see much downside - I asked the question of them when...

I dont see much downside - I asked the question of them when they were expanding and it seems shrinking economies adds customers as businesses seek to cut costs. The real problem right now as I see it is the Regus vs SRV pricing in that they seem to be competing a bit hard and margins are dropping.

Both are expanding - I think that SRV has proved that its better at cash management and has a good moat in cash to defend but it is around 12% in size to Regus.

Really think that this is much like TGR - once you get the mix correct (i.e. the floors mature in this case) the cash-flows become very good. At $3.50 or $3.60 this is still 40c below the cap raising some years ago. With this progress I had thought it would have been able to hold $4.00.