I wanted to update this thread - I have thought long and hard...

I wanted to update this thread - I have thought long and hard about MMG since posting on Friday night.

In fact, I don't think that we are quite at the point where buying MMG is a risk-free bet. Too much prospect that they will act in a fashion that is not necessarily in the interests of shareholders by using the cash balance to assist in refinancing assets that should, by rights, just be given back to the lending banks (I am particularly concerned about US newspapers).

Therefore, the cash balance does not provide full downside protection.

Therefore, I think it could go weaker still if the broader market remains ugly.

Therefore, no need to rush into this one.