Market Currents

Gramercy Capital (GKK) gets a monkey off its back, announcing the sale of the collateral...

Thursday, January 31, 4:47 PM ET
Gramercy Capital (GKK) gets a monkey off its back, announcing the sale of the collateral management agreements on its 3 CDOs for $9.9M (plus another $14M in 6-9 months), and the intention to liquidate its CDO bond portfolio for about $32M in the next 30-90 days. The moves unlock more than $50M of liquidity currently tied up in the CDO business. Shares +1.1% AH. (PR)

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This news story has 3 comments:

Clint Edgington Comments (96)

Thought they'd get a bit more, but is a welcome development nonetheless. Their qtly reports should be extremely easy to read now!

31 Jan, 05:06 PM Reply Like

Chris DeMuth Jr. Comments (1798)

This is worth about $1 per share for GKK, in our opinion, once the new liquidity is deployed towards the types of opportunities that they have.

31 Jan, 05:52 PM Reply Like

jlcgul Comment (1)

Interesting, my estimate was $1.25/share.

In addition to the increase in worth from the deployment of this liquidity, there should be a meaningful (and possibly larger) increase in worth from the resulting reduction in M,G,& A expenses (that are presently being incurred in managing these positions)

5 Feb, 02:38 PM Reply Like

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