The lenders are down approx $60m no matter what happens as the loans are non-recourse to AJA and will not be repaid.
The settlement agreement for the 10 properties, with the approx $60m discount to book value, reflects this fact.
The lenders and AJA consider the settlement to be in both of their best interests and better than a default.
Im am not sure where the figure of $122m comes from.
