Ann: Profit Guidance, page-27

The attraction with TGA had been the low price compared to book value, and Forager's plan to extract value by an orderly winding down of the company makes perfect sense. The problem is that unless management cooperates, the underlying value cannot be extracted - and management may be reluctant to restructure themselves out of lucrative jobs.

It had always been a question of what would happen first - the extraction of value or a deterioration in the performance of the equipment finance portfolio. Now it looks like the latter is showing first signs of distress. Given that the financed equipment is worth next to nothing (restaurant fittings etc) or well below purchase price (earthmoving equipment etc) the loans would be at best partly secured.

I'm out. GLTAH!