Colony Credit Real Estate (CLNC) could have provided an extremely attractive shareholder return if the impact of previously identified credit issues had been fairly reflected in its financial statements. Unfortunately, another large write-down of a NYC hospitality loan that was non-accruing over a year ago and then impaired in 3Q18, 4Q18, and 2Q19 has undermined any remaining basis for investor confidence in CEO Kevin Traenkle and manager Colony Capital (CLNY).
My last article said "Management Should Get it Right in 2019 Or Get Out." Having failed to deliver reliable