what are the risks, page-18

"Assume your 25% discount, only 138.2m of property needed to be sold to pay off this debt. Loss is only $34m. Why would anyone assume a 25% discount on the Whole portfolio?"

My original point about 25% loss was in a liquidation which would bring about a rapid sale of all the assets. I agree with everything you're saying. In the end the greatest margin of safety comes from comparing liquidation values to share price. I don't believe that in a liquidation you would need to discount properties by 25% so there is value even by that method.