I have no doubt that Matrix will be a success. That success will NOT flow through to ordinary shareholders. Period.
The writeoffs were an accounting gimmick to justify the action taken in regards to the pfd dividends. The gain on the sales of the Korean assets and UK assets offset these writeoffs should have and negated the effect.
Furthermore the reasons for the writeoffs especially SARS will probably be a short term item and will not affect the long term value of the asset. Once SARS ends, are they going to write up the value of the assets? I doubt it.
In addition, it appears that the theme parks in Queensland have been hit much harder than the cinemas. But they did not write down they value of those assets. Why not? The logic does not compute!!
Your comment about the conflict of interest in regards to cinemas is completely wrong. Village just decided to incease their exposure to cinema assets in Australia and fund addtional expenditure in Italy and Taiwan.
As far as selling AEO is concerned, I never said that they would sell it at $1.40. I simply pointed out that the hand of the Kirbys is a danger to those that decide to invest with them. Of course if they put it on the market the price would be much higher. That serves to prove my point that the AEO asset would have a been a better item to sell and shows that the actual return is even lower. At $2.00 a share their return for holding AEO would be less than 4%. A pretty poor return on an investment if you believe that movie production is the golden path.
Lastly you sound like edwardsh. Are you not him under a different name? He was head over heels about the pfd going to the moon. He believed that come hell or high water the divis on the pfd would be paid. Sorry to say that if he did not sell when he had a profit, he got his head handed to him for believing in the Kirbys. You will too.
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