well thanks john!, page-4

Some very good points all round!
The $10m lost in revenue from JPTD and JPTA will still leave perhaps $22m as your figures infer and the costs of closing these positions are all one offs, so once the debt amortisation is under control even at $10m PA there is still in theory $12m free cash flow, if rents hold up, this could equate to about a 20 cents per share dividend to be had, or closer to 10% on the current price. Of course I am not pro porting that this could or would even happen, indeed the default on these loans are speculation in itself, but its seems slightly ironic that AJA has survived the credit crunch, the tsunami and the huge deflationary spiral which is Japan and its now the Australian ASX that is ringing its death knoll, when its actually our strong currency that is adding yet further weight to half of its problems.
I appreciate both of you spending time to raise some very valid points. Roll on November and hopefully some news of the sacking of John Pettigrew.