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

CNN: REFORMING THE THAIS

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

FORBES: They Spend Your Money

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

ECONOMIST: State aid in Europe