Thanks Mo - my return for calendar 08 is -17% YTD.... however i've had down quarters before and i'm confident in can pull out of this one.

The thing about the small cap sector is although they get bashed in a sell off... some stocks I own could run 50%+ in a short space of time from where they are now if we recover.... as i have said, i own stocks on p/es of 4x

Im told that it's c. 14% of BVA that is held my Merrills.

Anyhow
BVA
likely outcomes in order
1. Line get's placed to institutions at $1.00-$1.20 (puts BVA back on the map and is not necessarily a bad thing) = Neutral
2. Corporate raider eg GPG takes the whole line. = positive
3. CPU, IRE buy the stake and/or launch a full takeover. = positive
4. Merrills tarnish their reputation and dump on market... price goes to 50c = bad for existing holders, positive if yuo buy at 50c !

regardless of the outcome, i'm sure there will be an opportunity somewhere to make $$