I have been saying for weeks that this stock is going to $5 and based upon today's total lack of confidence in management they couldn't even raise $300MM. WHY BUY THE BONDS AT 12% when on monday you can get a 75% return on the stock. It doesn't matter what management announces now, no one believes them. The senior lenders have bailed (First Union and Nations), equity players are gone and now junk bond players want an arm and leg. This company is dead until the board takes action and fires DOC and Jr.
It proves that you can not piss off all capital providers when you are a REIT if you want to grow much less survive. The only way this stock turns is with a change at the top otherwise here comes single digits.
I sold half my interest in this stock today at $12 and might return when it hits $5. Monday will be brutal.