Most of the people holding GKK knew of the problem loans and had already factored them into the price.

IMO many people discount the "financial side" of the business, and, are pricing it based on the "real estate" side. GKK has reduced its recourse debt to about 50 Million. Assuming all the loan assets default, and the CDO liabilities also go to zero since they are non-recourse, what is GKK worth based on the real estate division?