HPT will keep lending TA money to cover the shortfall on their operating cash flow. Everything will look hunky dory for HPT's financial statements maintaining their profit and FFO and showing the loan to TA as an asset, but TA will keep increasing their losses and debt and their book value will keep falling.
yeah but...... HPT is TA's largest holder. Their book is down too and so therefore they will have to borrow to pay their dividend, which is the only reason they exist. I gotta tell you that there is no collateral for DIP financing when they hit bottom. The question is fast becoming how much is HPT worth broken up, and will it be cash positive after putting TA into liquidation. I really hate to be typing this, but I know TA, and there is no salvation. Sorry.