re: Ann: Completion of Senior Loan Refinancin... Given AJA's...

re: Ann: Completion of Senior Loan Refinancin... Given AJA's repeated assurances that the 5 SPCs are standalone so far as debt obligations are concerned (that is, not cross-collateralised), and taking into account the following comment from the announcement "... the three SPCs (JPT, JPTS and JPTC) which have been refinanced in the past 12 months:
o have a pro-forma gearing (interest bearing debt / investment property) of 60% (compared to 63.5% at 31 December 2010);
o have a weighted average maturity of 4.4 years to August 2015; and
o account for 100% of AJA?s pro-forma economic NTA;",
are holders expecting AJA to expend very much effort in attempting to refinance the other "bad" 2 SPCs (both have nearly zero, if not negative NTA), or just give the keys to the lenders, and retain the 3 "good" SPCs which appear to hold all of the NTA, a far better (if still high) leverage?
Interested in peoples' views on this.