Apr. 10 at 5:35 PM
I understand why
$CMCT is so low. A bunch funds holding the preferred were forced converted to common and sold with no care of price as it does not fit their mandate
That said, this is 80% worth
$2.50. And maybe a lot more. Especiall to a buyer who can get rid of
$CIM and their fees. Who knows timing but this sure feels a highly speculative but huge upside bet
They do really need to just hand in the keys to the Kaiser building on July 1st unless the banks are extremely generous. It is non recourse and the building NAV is less than the loan so walking away will increase Book Value. But I fear management will do something stupid to keep fees going
Really need an activist investor. I think will get one since it only takes about
$2M or so to make it happen
