If they just break even and use the money for stock re-purchase,it could bode well for share value. However, if they invested in commercial real estate they may take a bath.

Their RE is almost exclusively residential, with the most suspect being the property they bought in Eastern Europe and the renovated apartments over an old Woolworth's in Charlottesville. I think it's highly likey that Kuttner purchase some or all of the RE directly from the company, probably using some of his HAMP shares as consideration. Legg Mason will probably be the ones to shop the rest of the book and give the fairness opinion on the valuation.

I wrote HAMP up a couple of years ago on another site, and while the original write-up has become a bit dated, the follow up thread is fairly informative. You can read through it with guess access to the site -- here's the link:

http://www.valueinvestorsclub.com/guests/view-thread.asp?id=380&more=dtrue