wow sagin...where do I start! It's not an easy answer to give and in some ways is almost not relevant. This 2+ year case has been turned completely upside down in a matter of days by these pending prop sales.
I think it's safe to say that the Debtor thought his plan would be confirmed at the end of May (alot of people did) and they had these sales all lined up to coincide with that event. That didn't happen. But what those pending sales did reveal are (i) there are real buyers out there wanting these props and (ii) there would be a ton of equity if the sales were to be allowed.
So now what?? ...well it tells us that all the plans put out previously were considerably undervalued. However, there could be legit reasons for that. I think it safe to say that not all that long ago commercial RE sales were non-existant and that could explain lower evals by proponents. It's easy to forget that there were very few willing buyers out just one year ago...and those that did buy bought in at a significant discount E.g. the Watermarke deal. Was that in the back of C/H's mind? It would of been in mine if I were considering evals in one of our Countrys' worst financial times. RM let that go cheap..why? btw- What would that [Watermarke] property of brought if auctioned now?? More? I definitely think so. yes. I thought at the time it was sold too soon...but I digress.
I don't know sagin...somebody should write a book about this case cause it's got all the twists and turns of a soap opera.
This is fish or cut bait time for C/H ...and the OEC. I guess we'll see in the coming days what really is most important to both of them!
We may not like it but the Debtor is in the cat-bird seat. And if that's true then non-insiders will be able to sell at market.
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