No. of Recommendations: 2
Joel,

I think your 15 minutes of research gave you 80-90% of what one needs to know about CBL.

In my opinion the biggest thing that you did not mention was CBL's management. CBL's senior management includes the founder, Charles B. Lebovitz - i.e. CBL, and his two sons Michael and Stephen. This what I call a "family situation" and my experience tells me to avoid such "family situations".

I think the CBL preferred is trading at $5.56 in the hopes of either a recovery or receiving something in a liquidation. I think the management would love to see a recovery, but if that is not possible their actions could reduce the chance of preferred holders receiving anything in a liquidation.

My 2 cents worth.

VM
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