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McNellis: In Praise of Inefficiency

July 5, 20153 Mins read722
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By John McNellis A lender on one of our projects wrote last week, demanding we post an $800,000 letter of credit to further secure its loan because the credit rating of our principal tenant—Safeway—had fallen to near junk bond status. This ratings plunge happened the Wall Street way: A private equity firm, Cerberus Capital, had […]

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