1.   As California went into recession, McNall and several of his staff began concealing debts and overvaluing their assets in order to persuade banks to grant them loans.

2.   Press reports today said that Puleva may sue Alvalle and Spanish brokerage AB Asesores after an audit commissioned by Puleva claimed that Alvalle had overvalued its assets.

3.   The dollar slid overnight after Federal Reserve Chairman Alan Greenspan ignited a sell-off in bonds by hinting U.S. assets are overvalued.

4.   The slide in bonds began after Federal Reserve Chairman Alan Greenspan suggested that U.S. assets were overvalued, a comment taken to mean he might raise interest rates.

5.   U.S. stocks tumbled after Federal Reserve Chairman Alan Greenspan warned that inflation may accelerate and suggested that U.S. assets could be overvalued.

6.   However, if the assets are overvalued or the rules governing ownership are too restrictive it will be difficult to attract buyers.

7.   Foreign businessmen meanwhile complain that it is the Chinese partners who grossly overvalue assets put into joint ventures.