The problem is that NRO has not luqidated to my knowledge.....we know they are at about 42% equity as of tonight. They claimed they would issue a press release if they had to liquidate the fund, but I have not see this.
With 823m total (473 of leverage and 350m of assets), another drop of 15% in REIT's is a major hit to NRO.
Does anyone know if they have started to liquidate? If they actually maintain exactly 50% at all times, you might be right that there will always be "some" value; however, if we went from 50+% to 42% in a few days, the big question is ----have they sold anything?
Them impression I got was that since they re-financed some of the ARP's, they could get some waiver and delay the liquidation process...but this sword can cut both ways.