Ravelin Properties REIT 9 00 Convertible Unsecured Subordinated Debentures Exp 28 Feb 2026 T.RPR.DB.A

RE:RE:The key paragraph

[TVR]

While Armoyan has a sizeable investment in the REIT and is almost certainly playing a significant role in the planned restructuring he is definitely not in control.  Both the secured lender group and the debenture holder group have significantly larger stakes in the REIT and both need an acceptable deal to agree to any restructuring proposal.  The debenture holders are unlikely to accept a significant haircut on their investment  and would likely push the REIT into bankruptcy proceedings to force an asset sale if they are not offered a  very high % recovery on the debentures  (well above recent market prices).