We talk about iGo (IGOI) and Simon's (SPG) rumored "new" offer for General Growth (GGP) among other things. WSJ Article on GGP/SPG NY Times on SPG/GGP iGo Illustration from the show.. Todd's investing strategy is essentially long with the rare short. He seeks to buy undervalued issues with an upcoming catalyst that will help them realized.. 
Share:  We talk about iGo (<span class="company">IGOI</span>) and Simon's (SPG) rumored "new" offer for General Growth (GGP) among other things. WSJ Article on GGP/SPG NY Times on SPG/GGP iGo Illustration from the show.. Todd's investing strategy is essentially long with the rare short. He seeks to buy undervalued issues with an upcoming catalyst that will help them realized.. Tweet this 

You have asked us for a commitment that is designed to be consistent with the parallel equity investment proposed by Brookfield Asset Management Inc in their letter of , 2010 (the " Brookfield Proposal "), but is also capable of being adapted as circumstances change. In response to your request, we would like to propose to commit, severally but not jointly, $3.925 billion of new equity capital at a value of $15 per current share on the terms and conditions described in the term sheet attached as Annex A. Our proposal includes: • a commitment to purchase $3.8 billion of common stock of the reorganized Company (" New GGP"), after giving effect to the distribution of General Growth Opportunities, at a price of $10 per share;. • a commitment to provide the currently unfunded $125 million of capital to backstop a $250 million rights offering by General Growth Opportunities at a price of $5 per share. 
Share:  You have asked us for a commitment that is designed to be consistent with the parallel equity investment proposed by <span class="company">Brookfield</span> Asset Management Inc in their letter of , 2010 (the " <span class="company">Brookfield</span> Proposal "), but is also capable of being adapted as circumstances change. In response to your request, we would like to propose to commit, severally but not jointly, $3.925 billion of new equity capital at a value of $15 per current share on the terms and conditions described in the term sheet attached as Annex A. Our proposal includes: • a commitment to purchase $3.8 billion of common stock of the reorganized Company (" New GGP"), after giving effect to the distribution of General Growth Opportunities, at a price of $10 per share;. • a commitment to provide the currently unfunded $125 million of capital to backstop a $250 million rights offering by General Growth Opportunities at a price of $5 per share. Tweet this 

Not matter what David Simon says, this IS going to be an issue. From the WSJ: National retailers are expressing growing concern that mall giant Simon Property Group Inc may gain too much market power if it succeeds in acquiring rival General Growth Properties Inc out of a bankruptcy proceeding. The concern raises the possibility that the deal might face antitrust criticism from retailers and others. 
Share:  Not matter what David <span class="company">Simon</span> says, this IS going to be an issue. From the WSJ: National retailers are expressing growing concern that mall giant <span class="company">Simon</span> Property Group Inc may gain too much market power if it succeeds in acquiring rival General Growth Properties Inc out of a bankruptcy proceeding. The concern raises the possibility that the deal might face antitrust criticism from retailers and others. Tweet this 

Simon and General Growth's committee of unsecured creditors lobbied against anything longer than 45 days, arguing that General Growth should immediately accept Simon's $10 billion offer. With the four month extension, General Growth now intends to embark on a two pronged process of simultaneously soliciting offers to acquire the company or recapitalize it. It would aim to file an exit plan by June. 
Share:  <span class="company">Simon</span> and General Growth's committee of unsecured creditors lobbied against anything longer than 45 days, arguing that General Growth should immediately accept <span class="company">Simon</span>'s $10 billion offer. With the four month extension, General Growth now intends to embark on a two pronged process of simultaneously soliciting offers to acquire the company or recapitalize it. It would aim to file an exit plan by June. Tweet this 

In 2006 I started looking at a company called Green Mountain Coffee (GMCR). Then it traded at $12 and change (split adjusted) and was earning $.39 a share annually. I liked the coffee but it traded at a PE of 30 times earnings and despite growing revenues 40% in 2005 over 2006, a rise in expenses caused earnings to dip in 2006 over 2005. 
Share:  In 2006 I started looking at a company called <span class="company">Green Mountain</span> Coffee (GMCR). Then it traded at $12 and change (split adjusted) and was earning $.39 a share annually. I liked the coffee but it traded at a PE of 30 times earnings and despite growing revenues 40% in 2005 over 2006, a rise in expenses caused earnings to dip in 2006 over 2005. Tweet this 

David Simon to FTC….Step Off" …. $$ ToddSullivan nd, 2010 . Am I the only one who thinks every time David Simon opens his mouth, he does himself a disservice? . From the WSJ: Simon Property Group Inc. Chief Executive Officer David Simon said that, if his unsolicited bid for bankrupt rival General Growth Properties Inc succeeds, antitrust concerns won't derail the combination, which would result in Simon owning half of the most productive shopping malls in the U.S. "No way. 
Share:  David <span class="company">Simon</span> to FTC….Step Off" …. $$ ToddSullivan nd, 2010 . Am I the only one who thinks every time David <span class="company">Simon</span> opens his mouth, he does himself a disservice? . From the WSJ: <span class="company">Simon</span> Property Group Inc. Chief Executive Officer David <span class="company">Simon</span> said that, if his unsolicited bid for bankrupt rival General Growth Properties Inc succeeds, antitrust concerns won't derail the combination, which would result in <span class="company">Simon</span> owning half of the most productive shopping malls in the U.S. "No way. Tweet this 

SPG + GGP? NO, Why? FTC $$ Rare late Friday night post but wanted to get this out to soak in over the weekend . 
Share:  <span class="company">SPG</span> + GGP? NO, Why? FTC $$ Rare late Friday night post but wanted to get this out to soak in over the weekend . Tweet this 

Forget everything that has been said up until now regarding Simon (SPG) property buying General Growth (GGWPQ) and whether or not their deal is better than Brookfield Asset's (BAM) offer. Like we have been saying since early December of last year, Brookfield has the inside edge (FTC reasoning given here). Now we have proof. 
Share:  Forget everything that has been said up until now regarding Simon (SPG) property buying General Growth (GGWPQ) and whether or not their deal is better than Brookfield Asset's (<span class="company">BAM</span>) offer. Like we have been saying since early December of last year, Brookfield has the inside edge (FTC reasoning given here). Now we have proof. Tweet this 

However, in the view of Todd Sullivan, a Massachusetts based investor and author of the Value Plays blog, the plan put forth by General Growth, which would allow Brookfield Asset Management to buy its shares at $15 apiece, is bound to be much more popular with the shareholders, who might have more power in this bankruptcy proceeding than is traditionally the case. 
Share:  <span class="sent">However, in the view of <span class="analyst">Todd Sullivan</span>, a Massachusetts based investor and author of the Value Plays blog, the plan put forth by General Growth, which would allow <span class="company">Brookfield Asset Management</span> to buy its shares at $15 apiece, is bound to be much more popular with the shareholders, who might have more power in this bankruptcy proceeding than is traditionally the case.</span> Tweet this 

BAM Reported to Value GGP at $15….Some Details $$ Here it is….Ackman's hand all over this……GOOD!! Gen Growth Prop Follow Up: General Growth proposes splitting itself in 2 to exit bankruptcy (13.50 +0.53) WSJ reports the co is expected to unveil a plan Wednesday to exit bankruptcy this year by splitting the company in two, with Canadian property investor Brookfield Asset Management (BAM) pledging $2.63 billion to the effort, said several people familiar with the matter. The complicated plan, drafted partly by activist investor and General Growth board member William Ackman, is meant to top a $10 billion buyout bid that rival mall owner Simon Property Group (SPG) made last week… The Brookfield plan values General Growth at $15 per share, but unlike Simon's all cash buyout offer, it relies heavily on selling massive amounts of new stock in the coming months The Brookfield plan values General Growth at about $45 billion in equity value, compared with $3 billion from Simon 
Share:  <span class="sent"><span class="company">BAM</span> Reported to Value GGP at $15….Some Details $$ Here it is….Ackman's hand all over this……GOOD!! Gen Growth Prop Follow Up: General Growth proposes splitting itself in 2 to exit bankruptcy (13.50 +0.53) WSJ reports the co is expected to unveil a plan Wednesday to exit bankruptcy this year by splitting the company in two, with Canadian property investor Brookfield Asset Management (<span class="company">BAM</span>) pledging $2.63 billion to the effort, said several people familiar with the matter. </span> The complicated plan, drafted partly by activist investor and General Growth board member William Ackman, is meant to top a $10 billion buyout bid that rival mall owner Simon Property Group (SPG) made last week… The Brookfield plan values General Growth at $15 per share, but unlike Simon's all cash buyout offer, it relies heavily on selling massive amounts of new stock in the coming months The Brookfield plan values General Growth at about $45 billion in equity value, compared with $3 billion from Simon Tweet this