October 03, 2010
– Comments (2)
I have been so busy I missed Toxie's desmise. I don't know if anyone else posted it either.
Pretty scary that Toxie ended up only being worth 0.45% of her peak price.
That was cute and worthy of a repost.
I have to beg to disagree - this is epitomous of not thinking thru things ( no offense Deb) -
A mezzanine strip which was serviced at 45 cents on the dollar - being wiped out due to a loan restructure ie modification -
what does that mean ?
(a) If you got paid on time till April on the mezzanine - ALL seniors were paid on time
(b) Your mezzanine was wiped out - due to a restructure - that means
(i) the Mortgage holders - have lower debt payments now
(ii) they were obligated to pay both bondholders and now only the SENIOR ones
(iii) They will need to pay less on the debt
Logically - unless there's a new tsunami - what will you do?
Die like Toxie?