Does anyone understand this company?It seems to be...

Does anyone understand this company?

It seems to be incomprehenible.

looking at the balance sheet there should be some value here

assets $1,854m
liabilites $1,471 m
equity $382 m

gearing is about 80%

they have sold $550 m of assets

assets $1304m
Liabilities $921m
equity $383m

gearing down to 70%

they hope to bring greaing down to 55-65%

to get debt down I think they need to sell another $400 m

that'll bring assets down to $900 m
liabilities down to $500
equity $400

so I suppose they'll have to sell another $400 m

the market must still think it is overgeared. That's all I can think