This huge discount will disapper as soon as the Rescue Plan is signed, sealed & delivered. And the Credit Markets begin to thaw out. May not happen immediately, but I would venture to guess within a weeks time, IGR floats back to trade at +/- 4% to NAV. Even at a 4% discount, IGR would currently be trading above $11.
If I were a Hedge Fund, I'd Buy the stock at 9, then short the underlying REITs in the portfolio. Once the share price gets back to trading inline with NAV, you get a 22% return. This is an Arbitrage Wet Dream here