First, "technical" issues such as haircuts, converting debt to equity, liquidating assets or improving corporate governance have to be implemented, not just talked about.

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Then you subtract from that the REIT's total mortgages and other debt obligations to arrive at a theoretical liquidating value.

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Short of liquidating the firm, a mixture of asset sales and a debt-equity swap may be the lesser of many evils.

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Bear Stearns (nyse: BSC - news - people ) is liquidating two of its hedge funds that had leveraged bets in collateralized debt securities.

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