time 4 the life boat

Goodbye friends...today I have abandoned PTN totally.

There is absolutely no way this can make a commercial profit in 08/09 or 09/10.

The property write downs will guarantee that. Plus...the distributions will be stopped as and from the Dec quarter. Check the fine print in the announcement of 21 Oct 2008. Quote follows:

"We hope to continue our September distribution rate for the December 2008 quarter, however it would be irresponsible to be too definitive in this market and we need to keep this under review"

And think of the effect of property devaluations on NTA.

A 15% retirement property write down (not out of the question) will see NTA drop from 94 cents to less than 50 cents.

I'll watch from a distance but these are the days of flee to quality or cash.