Gramercy Property Trust Inc. (GPT)

[Country Lawyer]

I did check the balance sheet and to me it looks like if they did pay out what they owe that the cash left to "deploy" would be the mid-teens millions number. I do not know how low DuGan is willing to let the cash level decline--one would think they would want some level of a cash reserve. You might be correct on the perf divy catch up if they get a credit facility--in fact, it might be a requirement to get the size line they are looking for. I still hope/think that they will have to get right with the perf holders in order to grow the company past about where they are and preserve credibility for investors. Dilution would also not please me at this point since unless there is a really outstanding deal in the wings, the price to existing holders would be higher than it need be. I'd feel better about a secondary issue if the common stock was at 8 or 9! As you said DuGan has been faithful to his word so far. Yes, I want to see his future GPT come in to its own, and yes, he has pulled off some great deals to put the company into a better position, but the albatross of those accrued divs has to be handled. Once they are out of the way I think we will then see a more clear picture of the future. Common will not move out of the trading range as I see it until those issues are resolved. Must we wait until November? 2014? ...2016? Maybe we'll get a better feeling half hour from now.