Will the SPF offer ever close????
Why would a sophisticated investment fund, who already owns a PRIVATE builder, commit to over $600 million investing in SPF's equity for simply majority ownership in a money losing and still very leveraged HB?
The fund could have purchased SPF's debt at a fraction of face value and owned the whole company practically free and clear following a reorganization.
This fund is a distressed specialist, it just doesn't make sense or cents to come in on the equity side of a money losing HB about to go bankrupt.
Prior to the $600 million dollar commitment, SPF's market cap was about $150 million.....something seems a bit strange don't you think to be investing so much and allowing so much debt to survive in the current environment with a very negative outlook?????