The Commodore began to work on a plan to restructure the large floating debt of about $750,000, to allow the Harlem to put its finances in order, and bought a majority of $1 million in third-mortgage bonds (at a 50 percent discount).
Save cash to buy 50% discount bonds in a downturn, in a business you manage. This was the similar to the RTC real estate crisis of 1991.
