every piece of those bonds they book as an asset will have the corresponding liabilities. I agree they have access to a lot of cash, that's obvious. But in the end all I see is a big credit card and dilution possibilities. If you like the chances that they will be successful in financing subsidiaries and joint ventures to a degree that will benefit shareholders, that's one thing I can understand. Just don't tell me this stock has a $54 book value, because that's just untrue.
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