Perhaps you are not aware that RAS has about $400 million in recourse debt. That is $400 million in convertible notes due in 2012.
RAS has a multitude of SIVs and the fees that are generated from them. It has a bit of cash and about $400 million in debt. Thanks to GAAP it's a very convoluted balance sheet. RAS also has a bit of prefered stock.
AFN has the same structure without the prefered stock.
Most of AFN's debtholders settled for 30 to 50 cents on the dollar. So, my question still stands: Will the RAS debtholders settle for pennies?
I didn't know you were talking about the 2012 notes, why did you ask when they will turn the keys over to the debt holders? Or are you just being cute?
RAS is very easy to understand, it consists of two commercial CDO's that are flowing cash, and a bunch of sideshow securitizations that aren't (aside from fees) and won't in my lifetime. If RAS survives to 2012 flowing a buck AFFO per year, the notes will not be a problem! Three years is a lifetime, the triggers on the two commercial CDO's are all that matter.