Silver,

To own a billion dollars in assets with only $137 million in long term debt is pretty good! Even if you look at it from the short-term side (the way you have it figured, where you are counting ALL his debt) - the asset/debt ratio is about 2:1.

As for "write downs", everybody does what they're allowed to do. I can't imagine too many analysts getting bent out of shape by a $26 million charge.

One way to look at Stronach's financial picture here is - if he dumped a few properties, he could pay most his debt and have a few tracks left over as "profit."

It looks to me like increasing operating expenses are what's really eating away at his bottom line. Even without knowing about the offer referred to in this thread ($6.50 per share), I don't see this as a slam dunk short.

Now Donald Trump, there's a guy you can short without hesitation! I wonder what he will have to sell to stay afloat? Could be the end of the Trump era in ACity coming up. Good riddance. HP