Considering the loan was $8M more than the properties value of $43.8M this trasfer of assets to the B not holder from RNY was a reasonable outcome as although RNY looses assets it improves its Loan to value ratio as now it would only owe $2.13M (27.4M*7.8%) instead of $51.5M.
Just my opinion and welcome to be refuted.
Ann: RNY Debt Update , page-2
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