Corus Bankshares Inc. (fka CORSQ)

[rsr2004us]

VERY good find Sparks, thanks for sharing this. This sheds a lot of light as to what is possible here with Tricadia and also shows that these plays do fly under the radar for various reasons. I'm actually thinking of buying some CVTR.PK now !

I like this part:

Care trades on the pink sheets after being delisted from the NYSE post the Tiptree(Tricadia) deal as a result of the small float. This also limits the potential investor universe.

and this:

Catalysts
Tiptree/Tricadia is very smart money and presumable has plans for the company that could involve growing the asset base through acquisitions. Further, FFO for the first quarter should results in a resumption of the dividend (as a 92% shareholder Tricadia has every incentive to want the dividend resumed and as a REIT the distribution to cash flow is mandatory to maintain the tax status). It is also logical, if not highly likely, that at some stage Care could be acquired by a larger healthcare REIT. In the meantime, while investors wait for Tiptree to articulate and ultimately execute on its strategy the downside is limited given the discount to book value that already exists.