|"G Stolwyk" <email@example.com>
|Thu, 25 Jan 2001 22:09:31 +1300
Most of it was already expected.
I am not too happy about their current valuation of the partnership's forests but it is better to wait till the newspapers appear.
As you know, FFS has its own valuable forests and I want to see a separate valuation of these properties as well.
FFS thinks that it could get $US 225 mill. out of the partnership's estate after the banks get their money back.( Appr.NZ 20 cts / share ).
This figure will be less if the banks would sell this estate for less than the stated $US 865 mill. In the meantime, FFS will continue managing the estate, I presume.
The Chinese think that they have a legal dispute and presumably want some or all of this money.
They could try to lengthen the court procedures and hence prevent FFS from using this sum in the meantime.
The other matter could be one of tax losses which can be valuable to someone who can use them.
There is no need for any further comment at this stage; please consider this summary as my opinion. I don't have any forest shares.