zzedzz,Ok, I will try and explain. That's a paper loss due to...

zzedzz,

Ok, I will try and explain. That's a paper loss due to the falling $US. As the loans and transactions are all done in the US there is no loss there. But if they cashed in everything in the US and brought the money back, yes they would have a realised loss due to the US to Aus conversion. But if they buy back the centres from MS it all stays in $US. I hope that explains how they can sell for the same price as they bought and put a loss in the books (for tax purposes.)