Thursday, September 4, 2008

Good News The Sharks Are Swimming In The Debt And Real Estate Waters Asia

Sept. 4 (Bloomberg) -- Merrill Lynch & Co.'s talks to sell a
``significant'' amount of bad loans to Korea Asset Management
Corp. are faltering because of a dispute over price, the Korean
firm's chief executive officer said.

``We have yet to reach an agreement because of differences
in assessing the value of assets,'' Lee Chol Hwi said yesterday
in an interview in Seoul. ``We have been seeking to buy a
significant amount, but a deal may be difficult at this rate.''

and : Florida

Florida Real Estate Bottom Signaled by Sale of Distressed Condo

By Bob Ivry

Sept. 4 (Bloomberg) -- Sales of distressed Miami properties
have begun, signaling a bottom for south Florida's real estate
market and the end of waiting for vulture funds armed with about
$30 billion to spend.

Neither of the above news items is decisive but it is good news to see valuations have begun to attract interest from folks with dry powder. Actual buyers of distressed assets will draw competitors afraid to miss the bottom.

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