How can it possibly mean anything to Borders? Borders is no more. My shares were wiped from my account sept 2011.I would love for something to come of it but it looks completely dead. Ackman is long gone and the Borders bk looks to be winding down. I don't have a pacer account and if anything eventful happened in court last week that anyone knows of please report, but I have a funny feeling nothing of the sort happened. It is not formally over until the case ends but it certainly looks like no last minute miracle is going to happen.
Liberty"s 90% share sale seems to have fetched them an overall $26 value ($23.04+2.96 dividend) vs the original $17? What's that mean to Borders...I think $5.83?
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS To be Held May 16, 2014
Items of Interest
Shares Outstanding 883,686,521
Beneficial Owners of in excess of 5% of our common stock:
Brookfield 396,139,755 shares 40.9% (which includes the 85,084,391 shares of the Company's common stock issuable upon exercise of the warrants
Vanguard Group 60,610,950 shares 6.9%
CEO Total Compensation 2013 $22.1M
Just in case anybody is following Borders case
March 27, 2014 thursday
11-10614-mg Borders Group, Inc. Ch. 11
(PTBS) Motion to Hold Party in Contempt Filed by Bruce Buecheler.
(CC: Doc# 3427) Motion of the BGI Creditors Liquidating Trust and Liquidating Trustee for an Order Authorizing Subsequent Interim Distributions to Holders of Allowed General Unsecured Claims
March 20, 2014
Brookfield Property Partners Successful in Tender Offer
Takes up Majority of Minority Common Shares of Brookfield Office Properties and Annunces Plan to Complete Privatization Extended Offer Expires Monday, March 31, 2014 at 5:00 PM.
For small investors in GGP we got to stick with Vanguard & Barclays. Brookfield Property Partners & their Affiliates owns a lesser amount of GGP Stock than had with Brookfield Office Properties.
Don't worry about the whole damn retail sector falling apart because the American consumer is broke?
Nice Call by Barclays. Barclays holds 20,198,073 shares of GGP as of December 31, 2013.
GGP raised its divy for the 1st qtr 2014 from $0.14 to $0.15/qtr payable April 30,2014.
$30 here we come.
If you are going to Short GGP, you got to listen to their CC. GGP is buying back malls from Sears & JCP and releasing those areas for higher lease rents. GGP top tenants are Limited Brands & Gap. The reason why there are still Sears & JCP at GGP malls left is that they are profitable because they are in most exclusive locations which is GGP known for.
If you would visit Fashion Show Mall in LV you know why.
Short all you want.
JCP and Sears are closing more then 30 plus stores to try to improve profits - the more the locations the less the profits
Malls are a long term industry trend decline and Mall Reits may suffer a lot more going forwards
bricks and mortars went out for Blockbuster and so now for retail - only a limited number of large malls are needed - its really a downward trend in a dying industry - I wouldn't touch a mall reit with a ten foot pole
we need less malls and outlets periods , any REIT stuck with lots of malls with future rising interest rates will fall
this industry is not what it used to be the 2009 to 2012 run is over
reality is setting in more and more bricks and mortar space is not where its at anymore
not sure SPG will come to GGP rescue since SPG has the same poor industry dynamics like GGP
Ukraine will send the whole market down next week - financial instability will hurt banks , the financial sector and even REITs
like Greece with Ukraine default coming - its hide it under the mattress again
even a Harvard Professor bailed out of BAC
This Harvard Professor Recommends Withdrawing All of Your Money From Banks. He's Dead Wrong.
By Jay Jenkins | More Articles | Save For Later
March 2, 2014 | Comments (0)
Earlier this month, a former Harvard business professor told CNBC that he was pulling $1 million from his accounts at Bank of America (NYSE: BAC ) for fear of a run on the bank.
If you do a 5 day graph analysis and compared that with the S & P 500, there is a divergence starting to happen starting Thursday.
The first 3 days, GGP trades with the S & P 500 Index.
Starting Thursday,2/27/2014,, GGP diverges from the Index.
On Friday, the divergence really shows up. On the last transaction during normal trading hours, GGP traded @ $22.02 on one transaction of 6,663,642 shares ($133M). Just a minute before closing during normal trading hours, GGP traded @ $22.20.
February 25, 2014 by Brian Louis Bloomberg
SIMON NAMES ORDAN CEO of MALL WASHINGTON
SPG named its planned spinoff of strip shopping centers and smaller malls Washington Prime and hired Mark Ordan to be new CEO.
I think now now we have at lease entities interested in GGP.
1. SPG has always had an eye for GGP. The spinoff off gives SPG better leverage
2. Brookfield with its new sub BPY with its Dubai backers.
3. The original investors in GGP
GGP has posted its 10K for December 31, 2013.
There shares outstanding is listed as 883,679,074 down 27,501,267 shares from September 30, 2013. This is approximately reduced by the amount of shares Pershing Square had of December 31, 2013 of 27,624,282 shares.
On February 10, 2014,Brookfield stated that they owned 311,055,364 shares or 35% of GGP as of February 10, 2014. The 311,055,364 is the 396,139,755 less the 85,084,391 issuable Warrants.
In the 10K GGP mentions that they had captured the Warrants of Fairhome & Blackstone but no mention of Pershing Squire Warrants. I remember that Pershing Square had Warrants. Bill Ackman may still be involved, maybe in a passive way, with GGP.
As of February 12, 2014.one Director has purchased shares and 2 GGP Officers has purchased preferred stock of GGP. The preferred stock may have been convertible preferred stock because these had to be reported on Form 5. One Officer was an Accountant and the other was a legal Officer.
BPY acquired BPO without much dissent cause Brookfield had a 52% controlling interest in BPO. What Brookfield did was fair game, I suppose, is to value BPO similar to Boston Properties where an independent third party would say BPO is worth this m,uch because Boston Properties numbers equate to this value.
They may have been dissent with minority BPO shareholders but there were none shown.
Whats makes GGP different than BPO. BPY owns a lesser amount 40% vs 52%.
BPY acquired their stake in GGP with the help from Dubai World. Dubai World even after making an initial investment in BPY made a smaller investment shortly after acquiring more GGP stock.
Dubai World invested huge sums in Las Vegas. Dubai World opened a world class hotel on the Strip called Aria. They partnered with MGM to create City Center in Las Vegas, one of the first class real estate properties..
Las Vegas is the number one travel destination in the US but many foreign tourists come to LV to have a good time.
GGP owns 2 malls in LV. The most prominent one is Fashion Show Mall right on the Strip. GGP owns another close by just off the Strip called Meadows Mall.
You can value GGP with other retail malls but the true value of GGP rests with who gains control of GGP's assets.
Just my take........
Brookfield Asset Management has filed a Scheduled 13D as of February 10, 2014. On page 18, Brookfield Property L.P. SHARED VOTING POWER 396,139,755*. PERCENT OF CLASS REPRSENTED BY AMOUNT IN ROW (11) 40.9%*
On page 33: deemed to beneficially own 396,139,755 shares which includes 85,084,391 shares of stock issuable upon exercise of warrants.
On February 10, 2014, GGP issued a press wire that stated GGP had repurchased all shares of Pershing Square and the total diluted shares was 937M. If you back out the 85M shares issuable by warrants, the current outstanding shares is approximately 852M.
How come BPY controls that many shares after the inclusion into S & P 500 on December 9, 2013? BPY may have gotten existing institutions to side with them that are included in 396,139,755 shares.
I wish dabqs would comment on whats going on. There are a lot of small investors out there that are overwhelm by whats taking place since BK.
For small investors our biggest ALLY IS VANGUARD
I do understand the difference between authorized and outstanding, as well as the legal aspects. AT 32% ownership, BAM is a large, but nowhere near a majority shareholder.
1. On 2/12, you claimed the bought back shares were "extinguished", and contradicted me when I said on 2/12 that GGP could reissue those shares that it retired. §243 says that It can. If the other 66% of GGP shareholders wanted to block a BAM takeover, there are many options, including a repeat of 1984, when GGP went from public to private.
2. BAM's shareholders own BAM shares. Brookfield Asset Management Inc. is a publicly owned asset management holding company. BAM is a single legal person/individual, just as GGP is.
i don't think it is a matter of fair, it is a matter of fact of business. i actually am very thankful that bam and pershing stepped up to bail ggp out and keep the shareholders in the game. without those investments, the company probably would have been david simon's to take for a pittance out of a regular bankruptcy and shareholders as well as creditors would have been left holding the bag.
those two companies enabled me to make a lot of money based on what they did and i will be forever grateful for that. as far as my position in ggp goes, i did wind down about 80% of it while keeping hhc. it was my feeling that hhc had the better potential for upside over time and that has certainly been proven out. while ggp is still my second largest holding, it has gone from 85% of the value of my stock holdings to about 15%.
if i feel that bam's continued or increased ownership will have an adverse effect on my holding, i will sell and still be most thankful for the upside i was able to realize precisely because bam and pershing were in the game.
i didn't complain about their outsized positions at the time and didn't feel taken advantage of when they were structuring their deals and i don't now. but i guess that is just me.
so, i don't think it is a matter of fair or not, it's just business and i'm happy i have been able to participate in it in my own little way for the past 5 years. as i said previously, i have about another 4 year horizon for this stock but am ok if i have to get out before then.
so you're saying it is fair for brookfield to take most of GGP's future potential at your expense. just because it has more capital under control.
chances are, i am richer than you. i suggest you mail some money to me.