Real reason for "BOND" probably would not be able to carry mortgage on NY property & taxes while it sits empty
and continue to pay DIVIDEND. $29 Million is still owed on NY mortgage an unless they got a loan at (13.75%) they would have been foreclosed on. As nothing has been sold in Irvine or NY and many of you here believe they cant get money out of China....................................what a joke. As the Chinese government is always stating that they're willing to help with foreign investment by their home grown companies. So now with a BOND at 13.75% and 5% divy almost 19% payout along with taxes on property is probably eating up about 25% of income. And their DEBT now climbs to $519 Million dollars
..................and with postponement of work in NY until fall there should be no new money coming in without this loan. And cement cant be poured in the winter so unless they start immediately no real work will begin until 2014. Maybe the loan will allow them to start sooner, lets hope so otherwise they're living on borrow time.
infn, i can understand you want to get in cheaper, but make sure you don't short here. anyway, on your concern about pouring cement in winter in nyc...the bkln property's cement had been poured quite a few years ago. remember, it was foreclosed...
i live near nyc. buidlings are put up all year round.
You should ask some of these questions in the next cc. Also it would be worth reading the 20-F as it touches on some of the things you have mentioned. Dig deep and make sure that Gurney isn't just reciting from the 20-F and leaving us hanging.