Mortgage Fund '08 September 2010 Newsletter

We received the September 2010 MF '08 newsletter in the mail this weekend. Thank you to Walter and Kelly for keeping us abreast of the latest developments.

At first blush, the outlook seems rosier for the '08ers than it does for the REL'ers or the RE Reno'ers.  '08 doesn't have a $60+ million line of credit and isn't contemplating a secondary loan of $20 million like RE Loans, nor were they subordinated to junior status like the RE Loans noteholders.  '08 also isn't a secured creditor staring down the barrel of a bankruptcy filing by Wild Game Ng/One South Lake/Hi-Five like RE Reno.  That's the positive news.

The not-so-positive news is embedded within the newsletter and many of the statements beg for further clarification.