I don't think much room is left for FEA to move around now.
Yes FEA can sell and "lease back" its lands like GTP/TIM once did, but the main problem is that the sale proceeds may not be able to cover the underlining loans, otherwise I guess FEA may have done it already. The other problem is, as you said, that FEA may not have the ability to pay the rent later on. This makes few buyers want have a deal with FEA and it makes FEA's land price drop.
It is not commercially logical for GNS to takeover the whole or a part of FEA at all. But the only hope for FEA might be using A.White's personal connections to make a deal with GNS just as some one said that there was a "payout" on "change of control" clause in the recent "CEO employment contract".
The recent 18% share grab by GNS looks like a move in that direction, but this might be the maximum favour J.Gay could ever do for A.White (Don't know whether any under table deals involved). It would be suicidal if GNS really took over FEA with its $200m debts.
FEA Price at posting:
11.9¢ Sentiment: Sell Disclosure: Not Held
