Ann: Funding Agreement , page-8

Nose, unless SPV value is no where near $9m (FWL gets $2m for 21.8%).

My earlier post is how can you develop $670m project and company only valued at $9m???

Unless company is in so much debt ie debt-to-equity ratio is almost 100%.

Look at MUE property trust. They own $500m (I think)shopping malls and market cap $6m... why? Because they owe banks more money than equity (properties) worth.

MUE distribute all the cash to holders instead of repaying loan. So if banks liquidate MUE, banks will get almost nothing.

MUE is very similar... take time and research them.