Hi 2ic,
you seem to have a better handle than most posters i read on these japanese REITS. in regards to your comment below..
"Pretty complicated and I don't like the "debt for equity upside" deal that sees banks share in any bounce back of asset value from the latest "independent" valuation (yeah right... low as you can go bank crony valuation). "
casn you shed any more light on this "debt for equity upside" deal? I have only skimmed through the announcement very quickly a few minutes ago. for awhile it all seemed to good to be true getting all the breathing space timewise. are the banks somehow getting all the equity upside as a result of all this? it is mentioned on this thread that even with the writedowns there could be 50c nta left given the fx moves and from memory (havent researched this for awhile i had left this in the bottom drawer and given up!)this sounds possible. if credit markets improved substantially and the properties stopped going down would shareholders have this 50c nta possiblity? Or amongst the complicated deal is there some fineprint where the shareholders have been screwed?
it would be nice to have a good story on one of these dogs for a change. but the last year in the markets makes me a little skeptical!
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Hi 2ic,you seem to have a better handle than most posters i read...
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