Hi all,

I'm one of the many unfortunate investors in the Claire Drage/Windrose Group fiasco.  Fortunately though I'm at least a secured lender with a 1st mortgage on a home that  looks fairly decent, I think with paying tenants, and it probably has some net equity, even after the additional restructuring money the courts approved that I believe has priority over my 1st mortgage lien.

They have now opened up the opportunity for the secured lenders to place a credit bit on the property.  I do not know how this process works at all and was wondering if anyone in the group has knowledge of the process or been through it before?  I have the APS that is with my lawyer to review (no adjustments to the APS are allowed apparently), just fill in my loan balance and sign.

There are other investors that have a 2nd mtg lien on the property that are also looking to place a credit bid.  There is also a REIT looking to buy up a large portion of the properties and in exchange for my 1st mortgage provide units in their REIT (I doubt this will will actually go through).  The final option I think is to allow the insolvency trustees to manage the entire remaining portfolio and overtime liquidate the property and repay all or a portion of my mortgage.

If anyone has some knowledge on this credit bid process and is willing to provide some insight, please send me a note:  shelds18@gmail.com.

Thank you very much, Sheldon