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I too, see no reason to buy Apollo's WYN preferreds under current market conditions. All it seems to me that you'd be doing is helping the good folks at Apollo buy themselves out of a badly-timed WYN deal they did for themselves.

If they give you shares for free, take them. If they give you the right to buy shares today at a price that appealed to Apollo a year ago, I'd say let them stew.

The real estate venture capital funds are often run by Gordon Gekko clones IMHO. There's no reason to hate them for being greedy, but the only thing they'd consider giving away is (maybe) snow at the North Pole.

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