W2007 Grace Acquisition I, Inc. (fka WGCBP)

[h_man_investor]

Very simply:

$325m allocated purchase price
-$76m of which is ARC preferreds
Leaves $249m cash
Less $158m mortgages
Leaves $91m cash

There is the 3% interest that is worth $7m cash and $11m ARC preferreds

You now have $98m in cash and $87m in ARC preferreds, mezz debt of $50m, $86m in accrued divs, and $146m in preferreds.

Most of the 3/31/14 cash/receivables well be used to meet current liabilities.