Even Sam Zell is scratching his head now. He wanted Alphaville so much but not as a CH11 asset with tarnished brand.
I really don’t know why the scare with the debt. Prospects for GFA/Tenda net income fy 2012 at around $200 can sit tight a couple of years on the $4b debt. Enough time to get Alphaville’s valuation at around $3b. By then, you can actually spin off Alphaville, pay off GFA/Tenda debt and restart in pristine Balance Sheet condition. GFA $20? $40? Why not, depends on the PE in a couple of years.