I don't trust anything the press reports which is why I did the...

I don't trust anything the press reports which is why I did the sums. Give or take. But the truth is certainly a far cry from the impression given by the 1st article that Fortress picked up a $640M asset for $20M. Reality is Fortress probably paid $132M for the 60% 'unfinished' apartments. I haven't factored in all the shops I'm guessing are in the foyer paying rent.

We don't know what % of the $640M is from the 60% unfinished apartments. Lets assume an apartment will double in value when finished and none of the 60% have been started. The 60% would only be 'worth' $274M of the $640M.

Either way it looks like Fortress forced a sale, got the asset and wiped out Swig's $70m equity and the other mezzanine lenders, the ones that didn't sell to Fortress.

It's a tough business.

Don't know who the $20M went to? Probably Suisse. Sounds like the $20M wasn't enough to clear the Suisse debt and Fortress handed another $32M to em. But that's not absolutely clear.

As for the mezzanine lender that sold to Fortress, whatever their write down, it's still a loss of $ that was owed to them that Fortress doesn't need to pay. As for the $70M Mezz debt to Fortress - they've got the asset now so it's not a loss; correct?