Theoretically CPK should get half the proceeds or $28mil ,...

Theoretically CPK should get half the proceeds or $28mil , (although I'm not sure how much/if any internal debt the Cira JV has.) which would take care of the $12mil CBA corporate facility and the $15mil Dec 08 repayment on the Martha cove loan. But there's the CityPac FMF loans as well, so it's hard so say who'll get repaid first.

Agreed, less debt is good and will give CPK more breathing space to complete and sell it's other projects. The effect on the sp is anyone's guess...