As the price dropped, they had to report the losses on
their books at their depressed prices, making the company look weaker... rinse, repeat.
They've been selling properties
at deep discounts to already written - down
book values, but
at prices high enough to more than justify today's
depressed share
price.
The great thing is,
at this final impairment point, everybody's still so
depressed / scarred, you can probably still pick up the stock
at a
Price / Book of 1.0 or less, so you're buying at a fair / low price, with no threat of writedowns and a runway of growth a
Price /
Book of 1.0 or less, so you're buying
at a fair / low
price, with no threat of writedowns and a runway of growth a
price, with no threat of writedowns and a runway of growth ahead.