Yesterday Elbit Imaging, who own c60% of Plaza Centers, announced a debt for equity swap it had negotiated with two debt holders - both US distressed funds.  These funds will now have a roughly 90% equity stake.  Why is this good?  Well these funds aren't investing in Elbit because they like the stock as a long term business.  They will be looking to extract as much value as possible as quickly as possible.  Most of that value is in Plaza Centers.  Their interests are therefore aligned with mine, and I'm hoping for some significant positive developments in the next six months or so.