1. If its worth $6 why isn't it the subject of a takeover? The time is ripe now since with equity being issues at $1.50, a price of $1.70-$1.80 (say) would probably do the trick.
2. You seem to think that the offer price will be revised upwards. I don't know why you think that when the 2 largest unitholders, representing 27%, are happy with the terms. Its an ordinary resolution so unless you quickly get 3m+ units on your side, you're out of luck.
3. "The bank will not sell these asset cheap, they are in no hurry to claim their money back". So they are earning a margin of 175 points, and are in no hurry to get repaid. Really?
4. Are the holders of Mezz Eurobonds, Convertible Eurobonds and FX loans also happy to wait? I bet they are not.
5. The costs in bankruptcy are typically very high. With 82% leverage the NTA in a bankruptcy situation is basically irrelevant. You'll get nothing.
6. By all means reply to me point by point. But really, you're oxygen is better spent speaking to management or big holders. I have a small number of shares and want the highest price possible. I just believe that the issue will go ahead and that $1.50 is the price.
GJT Price at posting:
$1.52 Sentiment: None Disclosure: Held
