W2007 Grace Acquisition I, Inc. (fka WGCBP)

[hurtrhino]

H-Man, it does not make sense that ARC would have anything to do with our preferreds. You can take the purchase price then subtract away the assumed debt amounts (along with any other acquired liabilities). ARC can not assume the preferreds if this is an asset purchase as it definitely appears. So, they have to provide some type of funds on their own and/or there needs to be seller financing.

Most disconcerting is that Dan Smith today puts forth another press release that is full of obfuscation. Why can we not know the current level of cash? Why can a dividend on at least one quarter of the arrearage not be paid NOW? And, the excuse of needing the funds for future capital expenditures is disingenuous as they could get equipment lease financing or simply delay these upgrades.

I detest it when companies act so unfriendly to security holders.