re: Ann: Update on asset revaluations and fin... ThinkingLoudly,
from my understanding there were about USD 260m of CRE at june 30, including USD 100m of CRE loans held for sale.
that portfolio is now worth USD 150m from my reading, which is a write-down of 43% (assuming they haven't sold any CRE loans since june 30)
what i don't understand is if those loans have a mark to market value of USD 150m (which means there is a market for them), then why doesn't RAT just sell enough to pay back the entire $85m credit suisse debt and then tell them to go jump.
what are they waiting for???
also there should have been some good equity gains from the appreciation of the USD since they are unhedged. i'm disappointed they were not referred to, which leads me to believe RAT have s tuffed up again.
re: Ann: Update on asset revaluations and fin......
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