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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Box-By-The-Riviera™ who wrote (350137)	12/3/2007 10:09:57 AM
From: stan_hughes	Read Replies (1) \| Respond to of 436258

Bizarre indeed -- but there is the takeaway that Morgan thought the RE in that deal was worth 40 cents on the dollar It doesn't mean it really is worth even 40 cents however, as Morgan can still syndicate and hedge a lot of that risk away, i.e. they aren't necessarily really sticking their own neck out at these levels -- but I still find the deal noteworthy as a contemporary low water mark as the bathtub keeps draining Tells you what everybody else's property is worth on the market too, i.e. not anywhere near as much as their books say it is Meanwhile, 100,000 MBAs keep scratching their heads as to why nobody wants to lend money these days ROFL