In this most recently revealed deal, Orix is offering to buy up all of Criimi Mae's CMBS for $520 million, or all outstanding shares of its common stock for a negotiated fee. According to an Orix filing, the $520-million all-cash transaction would yield $10.18 per share following debt repayment. Criimi Mae officials report that it has put together a special committee of its board members to evaluate the two Orix proposals. Investment banking concern Friedman, Billings, Ramsey and Co. is working with the Criimi Mae committee to help assess Orix's offers.

As for the Brascan and Bear Stearns deals, they are expected to close in January. Brascan is acquiring 10% of Criimi Mae's outstanding stock shares and as much as $40 million in debt, and Bear Stearns will provide the company with as much as $300 million in financing. Criimi Mae would see combined proceeds of as much as $353 million, all of which will be applied to retiring the company's debt that is linked to its April 2001 emergence from Chapter 11.