I reckon you are right Mikey. I think its time too.Not the kind...

I reckon you are right Mikey. I think its time too.

Not the kind of news Eddy wants after building his empire but surely he will be looked after.

ABS probably has some falling to do from here. Like others have posted...$1.3 billion in debt..selling 60% of assets still leaves them with $1 billion of debt.....its not what the market like to see when all are suffering from the credit crisis.

Eddy did well....he built...expanded....went international. But now we see it was too ambitious and now ABS has to float to a price which the market determines is reflective of the ABS business during the credit crunch.

Does that mean ABS will be 50 cents? Who knows but I firmly believe...even though I hold.....that we have a fair bit of a drop to go.

The inso's are dumping as we saw CGF reduce their exposure.....probably more to come next week. Sad market at the moment....and maybe we are as some state heading for a full blown depression....but only the strong will survive. ABS have a solid business....they just to hungry in terms of taking over the world...and now the world is teaching them a lesson.