I was a potential investor until I listened to one of the executives respond to the Q & A session of the second quarter meeting. The executive was basically unable to provide an answer to any questions that told any questioner anything in response to the question posed.

I do not understand why this company after paying CIT to manage its portfolio also pays $2 million a year or $500k per quarter to a second tier of management.

In a question to management as to what they are doing with the $50m cash on the balance sheet they could not be specific to any questioner.

Why not buy back stock that is selling for 1/2 of book value. Apparently the stock is not a good buy.

When asked if CRE could terminate its management agreement with CIT if they go into bankruptcy the executive did not know the answer. "We are looking at it" was a typical answer to most questions.

I can understand why this is one of the few stock in the the investment universe that is selling for 50% of book value.