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Strategies & Market Trends : Value Investing
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To: Jurgis Bekepuris who wrote (28257)9/26/2007 7:28:28 PM
From: Madharry  Read Replies (1) of 78645
 
well i took a brief look at the the 10q and there are several other issues that i think need to be addressed here. and i havent looked at in any great detail but mth is big in joint venture business they have guarantees and surety bonds outstanding to the tune of $120 million. i dont know how much of that they will be on the hook for. in addition the book value of real estate included some $45 million of capitalized interest as of 6/30/07.
When all is said and done i wonder if its better to be a subordinated debt holder in this company. they took an impairment through 6/30 of some $98m, i surmise that things are far worse now. After all areas of california and florida may see some of the worst declines. I think the way to maybe look at these things is to see who will be left standing in 3-4 years. thanks for your input i may delve into the 10q later tonight.
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