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Comstock converts bulk of unsecured short-term debt

Comstock Holding Cos. Inc. said it converted a majority of its unsecured short-term debt into its existing series C nonconvertible preferred equity to improve financial performance and shareholder value.

The company also extended the maturity of $5.0 million of its remaining unsecured corporate debt by up to two years.

The move follows Comstock's recently announced plan to shift its business focus to commercial development, asset management and real estate services from for-sale homebuilding.