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iStar Financial Inc. Message Board

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  • redspinelpinktopaz redspinelpinktopaz Sep 28, 2010 9:50 AM Flag

    SFI preferreds just went positive today

    When excrementaly researched stuff like this gets out, (Bloomberg), it gets a life of its own. Barron's just assumed it was true.

    On page M2: "After creditors refused to ammend the terms of its loans, the commercial real estate lender is considering a pre-packaged bankruptcy filing."

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    • It's kind of like Fox News reporting half of what someone says to create a misleading picture.

      Here's the full quote:

      "IStar Financial Inc., a property finance company, will begin negotiating next month with creditors on a prepackaged Chapter 11 plan, according to people with knowledge of the situation. The filing isn’t likely to occur until next year when debt comes due, they said.

      IStar, a real estate investment trust, is also considering extending the maturities on maturing debt or proposing an exchange offer, according to two people familiar with the situation"

      SFI is using the BK plan as a club with the bondholders and a sweetened conversion deal (including, possibly, equity) as the carrot.