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What: Shares of real estate investment company Gramercy Capital
So what: Gramercy has spent the past couple of months working with lenders including Goldman Sachs
Now what: It seems anybody's guess at this point whether this development is bad news for Gramercy or a strategic move by the company as it seeks to pressure the lenders in the negotiations. While it seems to be almost assured that Gramercy will lose the properties, there is the possibility that the company could retain management duties -- and fees. Investors will want to stay tuned because the final chapter is far from written here.
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