I am looking at Grubb & Ellis Company (GBE) as a possible short.

On November 6, 2009, they sold $90 million of a new issuance of a 12% cumulative participating perpetual convertible preferred stock to various qualified institutional buyers and accredited investors. The proceeds were used to "repay in full its credit facility at the agreed reduced principal amount equal to approximately 65% of the principal amount outstanding [!] under such facility."