Risky bet on whether the equity will end up being worth more than current equity, post-dilution / restructure. But definitely a bet worth taking for a small portion of your portfolio.
Reason more action isn't being seen in the equity is that $50m is just too small for most institutions to consider.
I've seen my share of distressed REIT's go under with no return, but this one looks a lot more promising. Definitely in the diversified distressed opportunities basket with this one...
Won't have to wait long for catalysts for this one.
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