This is why I doubt everything David Simon says….watch this interview
The choice part comes at the 2:25 mark when the subject comes to purchasing SPG all of GGP:
David Simon talks GGP (click to open)
Now, we all know David made a $9 a share offer for the company just a few months ago. Remember, that was when he told us that his $9 a share was better than the $12 each share was then trading at on the open market.
Now he is telling us he will be a “passive” owner of GGP and not at all involved in the day to day decision making. He also tells us that he “is focused on the recapitalization” and his offer to purchase ~20% of the stock and backstop another ~20% has nothing to do with eventual desire to backdoor his way into owning the whole co.
Well, David, if that IS true and you truly are focused on the recap, then, why not just join the BAM/FAIRX/Pershing group bid? Had you done that the court would have approved it tomorrow and then we would be on our way. Now there is more wrangling and another week will go by.
You could have purchased your same 20% for the same $$ you are spending now, not had to backstop another $3B in shares that you will eventually have to dump, placing a ceiling on the stock until you are done and had this whole thing wrapped up already. With that extra $3B of “walking around money”, I am sure there are other properties you could scoop up. Of course in this scenario you would not be the largest shareholder, but, I guess if you truly were going to be a “passive” owner, that wouldn’t matter, right??!?? I mean a “passive” owner would not have a problem playing second fiddle to BAM, would it?
Remember Bill Cosby in his “god” sketch? “Riiiiiiggggghhhhttttt”
David, I am a shareholder in the company that we know you really want to own more than anything, whether you admit it or not. If you want me to vote “yea” for any proposal you put forth, stop pissing on me and telling me it is raining….otherwise just go away..