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Trizec Properties, Inc. (TRZ) Message Board

  • bland12345 bland12345 Mar 18, 2003 2:14 PM Flag

    Insider Buying & Litt's $8.00 target

    In November, there was a bunch of very disheartening insider selling in the $9.75 range.

    In February, it appears that the COO and a director were both buying in the $8.65 to $8.85 range. The COO bought 10,000 shares and the director bought 7,000. Those are decent numbers.

    On another topic, lets go back and look at the "Sell" slapped on Trizec from John Litt at SSB following the conference call at which he expressed his frustration with Peter Munk, the immoral CEO/Chairman who couldn't shoot straight. The day of the call (Aug.01), the stock dropped sharply and closed at $12.95/share. Litt's report came out with an $8.00 target. Last week, the stock hit $8.11/share. I think I'll score it Litt "10", Munk "0", shareholders "-40.0%".

    What a brilliant call by Litt. I thought he was great on the conference call and agreed with him 100%. Good old Ferdie supported him as well. Many posters decided he didn't know what he was talking about, to their own peril.

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    • . . . is the idiot analyst who, while at Paine Webber, recommended the old Meditrust (MT -- now La Quinta, LQI) as real estate stock-of-the-month -- for month after month after month. MT then was in the 12-14 range. It bottomed out ultimately below 2. (It closed today at 3.20.) The reason for pushing MT? They had been good investment banking customers, especially for "screw the shareholder" products such as equity forwards.

      As to Litt's "hissy fit" over TRZ, he was wrong in scolding TRZ over the inability to buy back stock -- given TRZ's debt situation, such action would have represented extremely bad business judgement. Yes, TRZ was guilty of bad business judgement before that but was actually beginning to clean up its act. And as for Litt's 'sell' recommendation, the stock dropped so fast that I doubt that there were many who were able to take advantage of the 'advice'.

      TRZ has a NAV in the $13-15 range, IMO. It should reach that price in the next 18 months to 3 years, once the US economy is out of its present funk. TRZ should trade at $10 or more once the 80 cnet dividend is in place!