Adler - comment

Adler, now under Karl Reinitzhuber, are out this morning with a presentation that largely only documents the restructuring we all have already built into our analyses. Adler must pretend "business as usual” from here and do so with a notable drop in reporting detail around its land bank. Beyond the agreed sale of Brack, there has been no material asset sale in the quarter and we doubt there will be much from management on the subject. We understand that half of Germany and the distressed world are trying to buy assets from the still motivated seller, but for the moment the company has been reluctant to agree to the discounts demanded. Perhaps we’ll learn something on the call.