Trying To Find The Outrage

I have had several people send me this InvestmentNews article on a Behringer Harvard fund, Strategic Opportunity Fund I, which is to disclose to investors today that it has no remaining equity, as the fund's debt exceeds the value of its properties.   I don't know much about the fund other than what I read in the article.  The situation is unfortunate, but I am not surprised or outraged.  The fund made leverages investments in value opportunity real estate at the top the market.

This paragraph, which is a paraphrased quote from a respected independent analyst, is unclear to me:

First, while many real estate deals known as TICs – or tenant in common exchanges – have gone under since the collapse in real estate, only one commercial property is contained in a TIC offering, he noted. The Behringer Harvard fund had six properties.  

The paragraph reads to me that Strategic Opportunity Fund I invested in properties along side Behringer Harvard's tenant in common investors.   So, the fund partially owns its six properties with various individual investors owning the rest of the properties.  If I am correct, the future looks messy.  Multiple owners through the fund and various TIC offerings complicates matters, as differing personalities and investments objectives are going to clash trying to resolve the issues facing the properties.