C, Sorry for the delayed response and lack of posts. I'm at a customer this week, and I don't have much time to post. As I've mentioned on other boards, I'm a business software consultant overseeing the implementation of the City of New Orleans Accounting system, and at times I'm unable to post or access the boards.
I need to take some time to go through the numbers and 10Q in detail, but at first blush I'm not surprised given what all the other cREITs have been reporting. Approx $2 worth of writedowns is what I expected and it looks like I was dead on. My main issue was whether they would be insolvent soon, which is why I questioned the "CRZ is BK" article a month ago. It appears they have dodged that bullet.
It also looked like they earned much more in REIT income that the divvy, but they are preserving cash to enhanced liquidity. Again I need to go through the numbers when I have time, but it looks like they paid down their repo line and facility. It looks like they have the liquidity to survive but will need the value of their assets to improve (ie avoid more major writedowns) for the stock to move significantly from here. For now, it looks like the stock will go sideways in the $2 for a while.