Correct me if I'm wrong as I've only just started to look into this company, but if RNY can get a waiver on the net worth covenant then those figures could still be in play couldn't they? The ACORE loan doesn't mature until January 2019 (and I think a couple of options to extend exist). So the potential still exists to realise some value, albeit if you're willing (and more importantly), the bank is willing, to wait for more fruitful bids.
