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Newcastle Investment Corp. Message Board

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  • yieldplay yieldplay Apr 1, 2008 6:26 PM Flag

    Another reason to like NCT

    That's true, but because the CDOs are in default, the holders of the CDO debt now have cure rights. Among those rights are the right to liquidate the assets.

    AFN's saving grace, ironically, is that there's practically nothing left to pursue. The CDOs are non-recourse to AFN and the assets themselves are as good as a fart in the wind (sorry, couldn't resist), so I don't know of any reason why the holders would pursue any claims at all - but under the default provisions they certainly have the right to do so.

    That would not be good for AFN...

4.26+0.02(+0.47%)Jan 27 4:02 PMEST

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