It will be interesting to see what the debt level shows on the...

It will be interesting to see what the debt level shows on the balance sheet as at 31/12/2010. From my calculations Net debt was $652m as at 30/6/2010 (but $575m after taking out pending asset sales). As at 31/12/2010 I calculate an amount of $572m taking out pending asset sale receipts so not that much progress mainly due to purchase of the sawmill from FEA. The wild card is the reduction in working capital being produced from the wind down of many of their businesses which should produce extra cash. This includes the run down of the MIS loan book. So if the debt figure is lower than this number it will be due to these factors. The big upcoming potential cash sources for GNS seem to be either from a payoff from the Feds for exiting native logging (they would be looking for $100m+ but will they get it)....and the softwood plantations which are on the books at $300m but maybe only looking to sell the trees for $88m?.......Lord