Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of real estate investment company Gramercy Capital (NYSE: GKK) were headed south today, losing as much as 24% in intraday trading on heavier-than-average volume.

So what: Gramercy has spent the past couple of months working with lenders including Goldman Sachs (NYSE: GS), Citigroup (NYSE: C), and SL Green Realty (NYSE: SLG) to try to reach some deal regarding $790 million in mortgage and mezzanine loans backed by the properties in the company's Gramercy Realty division. Gramercy had been granted a few extensions on the loans as the various parties tried to hammer out a deal, but the most recent extension expired today, prompting a press release from Gramercy that suggested that lenders may proceed with foreclosure actions.

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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