RE:RE:RE:RE:You Ain't seen nothing yetThe REIT shares were roughly $2.50 at the end of June and are going out at $5 now so Melcor will book a loss of $30 million (market capital of the REIT is $60 million). The group that is opposing the transaction says the transaction is going out at 50 cents on the dollar so I assume Melcor should book another $40 million writedown due to the valuation on the REIT units already owned. I don't believe the book value of $40 as the dividend yield is only 3% and has been getting cut. So I take a few dollars off on Melcor's direct holding of commercial real estate too. So a conservative number would be $35 assuming a 50% writedown of under 1/3 of their assets which I assume to be commercial and not land development. So booking all the writedowns to current market should give me a number closer to $30. I treat investing as an art not a science so everything should be simplified. My point was there are few companies that trade at 50 cents on the dollar EVER unless they are losing money. And I first got into Melcor in the late 1980s.