That's great that you do your own research, however can i...

That's great that you do your own research, however can i suggest that you have a look at the cashflow statement to really get an understanding of why PTN is unable to generate positive cash flow.

Cash flows from operating activities was $31 million and its Borrowing costs were $32 million. This in itself presents negative cash flow. Add in the $36 million PTN paid out in distributions and you have a situation where it is very obvious that the company has been paying distributions from borrowed funds.

This is crystal clear!!!

PTN is also paying very high interest rates on their borrowings. The interest rates are usually fixed and for a fixed term (in PTN's case I believe between 2 to 5 years at a weighted average of 8.9% - see pp.33-36 of 30 June 2008 Fiancial report). So all this interest rate cuts may not be benefitting PTN at all in the short term.

In my opinion I believe PTN could be close to going into administration. If I were the financier I would definitely start asking how PTN expects to remain a going concern. The sale of properties that you refer to would only generate short term cash. A bandaid over a wound that is infected!

I wouldn't be surprised if the lenders are knocking on their door as I speak.

Just my thoughts from my own research.

I have no thoughts on BBC as I have not researched it.