the situation so far., page-37

Hi swap,

Firstly, thank you for your detailed reply to my question!

I strongly agree with your analysis (especially the last paragraph). I really do think that they can 'pull it off' and getting Rufrano into the job and into the action as quickly as they have has been an excellent move IMO.

From what I understand the overall gearing is ~48%, (Source: Property Investment Research/IRESS; SMH 06.02.08)although their model is very complex and I don't necessarily understand all the competing factors and complexity levels. By default it will have to be a very different Centro to survive.

I remember a long time ago when Newscorp was in a similar position by being too ambitious on the acquisition trail - then there was a credit squeeze, rates went up, and one small Bank in 'Tumbleweed USA' who was owed a paltry amount in the scale of things and wouldn't extend, which nearly brought the whole of Newscorp down.

Anyways, I hope they are all 'in the tent' and he has sown it up all nice and escape proof, at least until he can hammer out a deal. I'm sure we'll all know more by this time next week.

Good luck to all holders!

Cheers, Pie :-)