... the restructure: Improving industry metric momentum.
By March, CT had written down the moon... anybody looking at involvement in the restructure had to like that the hurt was mostly done and there was entrails worth dining on.
Add to that the stablization of the archetectural index, the newly positive direction of rents and occupancy, and Sam Zell's multiple comments on "pretend and extend" and you had the recipe for another BDC to swoop in for some promising assets (the #3 trauche) and a heafty interest rate in return for granting CT freedom from encumbrance.
The position of CT as an entity, combined with the industry conditions at this point made possible a win-win proposition for both CT and opportunistic rescuers and it was hard to conceive of an adverse outcome.
Did I have doubts? sure... anybody who says they don't is lying... I just figured the odds were heavily against something as negative as the market appeared to be fearful of but...
... in my book, one of the hallmarks of investing is that "if it's comfortable, it's probably the wrong investment".