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iStar Financial Inc. Message Board

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  • foreverwhiteroses foreverwhiteroses Dec 1, 2008 3:02 PM Flag

    Third Ave

    Thanks for the post. I am a big fan of Whitman and am in the Value Fund, but hadn't read the letter for the Real Estate Fund. Classice Third Avenue reasoning for buying into the debt. Note they bought at crazy YTM's. They have the ability and background knowledge to know what's good in distressed securities (though Marty sure was, ah, "early," with his commitments to MBIA and AMBAC), so I am encouraged to have been researching IStar and come to similar conclusions. 4 7/8% bond due 1/15/09 at 50% YTM is a total aberration! There's no way SFI runs into that much trouble that quickly...