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That's what I see too.But there is also the $80M UNREALIZED loss on liability derivatives.
419M in accumulated deficit.I still could see a de-reit move, which would, when coupled with a BLK buyout, provide a $160M tax-benefit. BLK has earnings and pays taxes.$160M = approx. $2 per share."Worth more dead than alive" translates to "worth more to BLK than the market price".Sure, they'd have to pay $3-4, but net of the tax-break that's $1 or $2 (only).Roughly $50M/qtr. cash flowing in (.60 cents / share).Earnings weren't great, but the cash flow is strong and with this, and rebound in the past 2 weeks in CMBS, things are positive. I hope they have some good plans.Q2 is history - now?!
Interesting...Can't say I follow every piece, but you are saying essentially that they could buy us out at $4 a share and break even.
wha? Can you give an explanation for this?i'm trying to do my research.