So you know the drill. I think Fairholme is selling it GGP stake to Brookfield to raise cash to buy a substantial chunk/all of St. Joe. All that was lacking was the “when”. We now have a potential timeline.
The delivery of the GGP Shares and the delivery of the BAM Shares and payment of Brookfield Cash Payment (the “ Closing ”) shall take place at the offices of Torys LLP, Suite 3000, TD Centre, 79 Wellington Street West, Toronto, Ontario, at 10:00 A.M. (Toronto time) on January 25, 2011 or, if later, the Business Day after the day on which all conditions to Closing have been either satisfied or waived by the party entitled to waive such condition (excluding conditions capable of being satisfied only as part of the Closing). The date and time on which the Closing commences shall be referred to as the “ Closing Date ”.
Fairholme will receive $800M from Brookfield on the 25th. On Feb. 3rd Berkowitz is presenting at the Harbor Investment Conference where he is present an investment idea. Wouldn’t it be neat is he announced his plans for St. Joe at that conference only 7 business days after closing the BAM deal??
Liike I have been saying…..this is gonna be real fun to watch…