Newcastle Investment (NCT +4%) hits a 52-week high as the sale of the firm's interest in a CDO...

|By:, SA News Editor

Newcastle Investment (NCT +4%) hits a 52-week high as the sale of the firm's interest in a CDO will remove the impact of its negative book value from the NCT balance sheet and generate about a $200M gain in Q3. As part of the sale, the company purchased $101M face value in collateral held by the CDO for about 50% of par. The fancy footwork speaks well of management and of 5 more CDOs the company still manages. (PR)