some support from .035, page-16

recked 1,

You clearly have little idea of where asset values have gone between June 08 and today. i can assure you working in the coal face of commercial real estate they have dropped by 20 plus percent plus in the last 6 months since the write downs. And even more for many of the assets Valad hold. A perfect example is the Bay street site they hold which they are currently struggling to settle on...
It is not worth anywhere near what they paid for it less than 6 months ago...
Then there is the mess they bought into at the old prison site in VIC. the list gos on.

This coupled with all major banks reviewing existing facilities and demanding updated vals means the gearing ratios for Valad are substantially higher than 40/60 as you suggest.

Becton, raptis, etc why is it so hard to believe this company is finished.
Do you actually know what the real estate is that they hold???????
It is certainly not prime or a grade stuff that is saleable in a hurry!!!!!!

I suggest anyone serious about buying this company actually looks at the crappy list of assets that the company pertains to be developable and profitable moving forward.