convertible just re-negotiated in an exchange which I haven't figured out yet...except there is posssibly more dilution on te way. On the surface it seems like a worthwhile exchange. There is no doubt ras is working hard to increase cash flow but the possible 10% rate on the potential exchange is a hefty price considering the rates on the ras package of loans. I wonder if this deal is related to the drop in ras price from this morning.
Misrepresentation as always. There are two pools of debt. The larger, at about $1.5B, is non-recourse and fully covered by interest payments against which RAS is collecting a 40% plus margin. The smaller, which just got much smaller, is no more that $375M of recourse debt, which is substantially less than RAS nearly $800M of shareholder equity (which probably is over $800M now), its nearly $800M of owned real estate (which may be larger than that for other reasons now), and nearly $700M in securities.
The market cap is kind of irrelevant against those numbers, and will almost certainly be larger soon.