Yes, ass covering is about right. Obviuosly a delicate situation with whats gone before, they don't want to get stung again. You'd have thought that someone would have realised that the valuation process needed to be robust and able to stand up to any legal challenge....hence the so called Red Book valuation which really should have been done in the first place.
I mean....the second paragraph on the second page of the 90 page report from Lambert Smith Hampton says it all really...... "Please note that advice does not accord with the minimum reporting requirements of the Royal
Institution of Chartered Surveyors Valuation Standards – Red Book Global and consequently this does not constitute a formal Red Book valuation in accordance with these Standards."
It was a bit of a giveaway don't you think??
It beggars belief.