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Right, a deal, not "the" deal. The big positive is that CLNY is getting rid of the management contract, meaning that there's not a lot of reason for the stock to trade much below NAV. (That said, this company is sitting on a pile of cash and is sub-scale, so it won't get the multiple to FFO that a larger company would get.) There are two external suitors, I've read, and CLNY is a possibility as well. I think it would be hard (for CLNY) to justify paying much less than 95% of appraised value as long as NRE doesn't have a management contract. Of course, whether they can afford this...

At this point, the best solution is for a 3rd party to buy it, I think. The prices NRE has been getting seem good as far as I can see. We should know relatively soon.

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