Hawk, why dont you commit......are you bullish......how high
I say you are a basher and not really long........all your posts have negative endings
When called out once before by Boom I said the following.
I have owned GGP/SPG and CBL on and off since the mid 90's.
I sold out of my GGP position after the Rouse acquisition largely because I did not like all the debt they accumulated. Prior to that acquisition, GGP was considered a better operator and stock than SPG because of lesser debt and better properties. After Rouse, that changed, GGP basically bought Rouse, a company with some great assets, for all debt.
I watched GGP crumble, but I was not bold enough to get into the stock when it was at its low point.
At that time, GGP quality malls were selling at 9% cap rates, and I, like many others in the CRE business thought the sky was falling.
It wasn't until Judge Gropper showed that he was not going to allow the unsecured creditors to steal the Company that I began to buy back in. By then the stock was around $4 per share. I continually added to my position between $4-$7 per share.
I've said many times on this Board based upon a cap rate of 7 1/2%, I thought GGP would be valued around $17.50 per share at BK exit. Since I said that, cap rates have continued to compress so the today's pricing may even be better.
I also thought that SPG would gather every dollar they could find, call in every favor they could and make a run at GGP, somewhere in the $20-$25 per share range.
I still think that is the case.
Not sure how anyone would think I'm a basher. I want to see this stock price explode as much as anyone.
But we commonholders are the pawns as shown by the recent hammering we took with the dilution.
Still it was a price to pay to keep our interests aligned (at least for now) with Ackman and now Berkowitz.
Hope that anwers the question.
Whatever SPG guy. Honesty, isn't you're strength. I know a con when I see one. By the way, love seeing your true frustration two weeks ago. You are starting to come apart at the seams, knowing that Ackman, Berkowitz and GGP actually have a strategic plan that is bearing fruit. You've become two totally different characters as of late. Love it!
I should let hawk speak for himself but I don't think he will bother. Based on his posts I'd say hawk is long but with a healthy dose of prudence. You would be well advised to look at things more skeptically as well.
Hawk is not a level 3 Basher as reitboom says.
Then let Hawkstang declare if he is Bullish bearish or neutral. we should know shouldnt we.
I am bullish and long and think mid 20"s 100% payment of bonds and accrued plus being able to take unsecured and swap it into equity ala Ackman