As the water rights were included in the almond deal on current...

As the water rights were included in the almond deal on current pricing the water rights should have sold between 85m and 95m. The balance somewhere around 30m is than for the farms and trees. There is no split given for these. The farms even in a fire sale should have fetched around 20m so that leaves the trees at around 20m or around 10c per $ per valuation. The issue is the fact that the trees require capital to be spent (cashflow negative for 2/3 years). There is an existing agreement re 2009 crop and maintaining the farms with SHV.

In regard to TODHA things dont sound very good. The value of the water rights is around 17m. The one farm that does grapes is an unmitigated disaster (as I was told). It has never worked and TIM just paid the lease rental and played around trying to get it right. Theory is that it will never work and must be sold. So that one wont raise must say 3m. The other (i think its tomatoes) is viable (again second hand info) and should be kept that should yield around 8m ( Pure guess) less costs around 2m that nets bondholders 27m so that may well be around 40c to 50c in the dollar. However the scheme holders have to accept that the schemes are shot. The theory is that they will rather present a proposal whereby all parties take a share with the bondholder getting the huge amount and the rest just a handout. I expect that to yield in the low 40c in the dollar.

its a disaster of unbelievable proportions. How this was valued in February is criminal they just did a lease payment desktop valuation. They never even checked (as I understand it) that the grapes were a disaster. Given that TIM had said it was not selling more MIS in 2009 you would have thought they would have looked more closely.

So in my calcum,taions I am banking on 40c

Hold TIMHB and TODHA and my sentiment is bloody angry