No details on the upgrade are yet available, but on the earnings call (transcript), Germain queried management on the number of distressed deals coming across its desk. They're getting harder to find, responds CEO James Mastandrea, but they're still out there. A lot of what he's seeing now are pretend-and-extend deals negotiated five years ago where the developers still haven't been able to turn things around. The firm's reputation has people who'd rather not publicize their distress picking up the phone to call Whitestone.
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