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Yodaorange wrote <<"Fitch: iStar Facing Inevitable Default; IDR Downgraded To 'C'
>> Looks bad ... but does default mean a wipeout? If the default is due to a liquidity problem... i.e. if they have debt coming due next year and they don't pay it, then they default, and presumably all their assets enter BK. Now if the assets don't cover their debts then shareholders are in trouble. If they do cover debts and there is something left over then shareholders get something.

Anyway, today Sept 29, SFI closed up a penny; in after hours trading it is down 3 cents. So I assume some people are betting SFI can work something out or that in case of default there will be something left over.

But as Yoda said,

<<Good luck to anyone holding istar common or preferreds . . . .>> .

Comments, corrections, bricks welcome

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