Ann: Fund and NAV Update, page-5

You would think the notes will be OK, even assuming URF equity is probably worth nothing now, there's still $200 million of preference shares which are subordinate to URFHC. So the current market cap of $174 million is probably close to worthless after asset trading costs and on balance, any other likely hidden corporate governance scams hidden within the company closets.
They've already written down the portfolio - believe me it had nothing to do with market trends either, they were obviously inflating their portfolio value through the dodgy capitalization method, bloated project management fees and overpriced debt arrangement costs which were added back against the value of the property. I wonder what other tricks they have up their sleeve.
Anyway, the notes might be a good play, as when equity gets close to zero, they should tear up the management agreement with ED. In fact that should have been done long ago.
There is hope something could be resolved here but not if the ED crooks are hanging around like a bad smell.