west lb may be centro holdout..., page-49

Now a difference between centro and murdoch is that centro is property. And murdochs wasnt. Banks can seize property and sell it. In a collapse more of the value of news corp would just vanish.


Now it is often said, that a lot of the value of centro is in its management rights over partly owned properties. And if secured banks foreclosed, the value of those rights would disappear. Which is one of the reasons the banks havent seized centro, it is worth somewhat more alive than dead. Now all of this is probably entirely correct. It would be even more correct for a business such as news corp where the banks would not even have the property to deal with if it collapsed.