I don't like the look of this announcement. Seems they are under pressure to sell and that the best they can do was that recent sell comfortably below the values already marked down.
I was thinking recently that the last sale perhaps allowed them to patiently flick some of the others. With RNY very brief on details they like to give to the market, who really know what all the details of this agreement with lenders is?
If they need to sell quickly and management are not that spot on with the recent NTA, (has it been discounted enough given the first sale?), I can easily see the hopeful 28 cents NTA mentioned on the other thread being dramatically slashed. If buyers also think they are under more pressure with the sales process I think they will be a lot more patient themselves and low ball the bids.
Sold my remainder today, and glad I sold half at 18 cents a few months back. In at around 25 c for me and out at average of 15, a shocker! I figure today's sale will be effectively a much higher level for me on an after tax basis as I offset it against something, trying to look at the bright side! Good luck to those remaining, maybe I have just panicked at the lows!
RNY Price at posting:
12.0¢ Sentiment: None Disclosure: Not Held
