On page 33 of the MF ’08 valuation dated September 8, 2010, Ms. Lerch writes the following:
“This is an indication of the net assets of RE Loans LLC. But the security being appraised is a debt
security payable to noteholders rather than equity holders. The securities at issue are the notes of RE
Loans LLC to its noteholders, and are appraised separately. Nevertheless, it is one indication of value, in that the net asset value of RE Loans is $47 per dollar of book value.”
Question: Why does the Mortgage Fund ’08 Valuation Report end with three sentences about RE Loans?
Can anyone answer this question?