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h_man_investor

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h_man_investor

Re: Hank Moody post# 183

Monday, 07/07/2014 3:25:43 PM

Monday, July 07, 2014 3:25:43 PM

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Not really stealing. They were given a warrant to purchase 106 hotels at what I assumed is the cost of debt. They got this in return for forgiving debt and a cash contribution totaling $735m.

It's a fact that around $1.6b of the purchase price is only 3% owned by Grace (with $976m in debt).

The other 20 hotels, debt and mezz are held by Grace.
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