Brookfield / Fairholme Close GGP Purchase Agreement….
- Posted by ToddSullivan
- on January 28th, 2011
Things are going to get interesting………….glad I’m not short St. Joe
For the 39,403,972 shares of Common Stock acquired from Fairholme Fund on January 25, 2011 by BUSI, BUSI paid $15.10 per share, or an aggregate of $594,999,977.20 through the issuance by Brookfield of 18,035,768 shares of Class A Limited Voting Shares of Broookfield to Fairholme Fund. For the 73,927,484 shares of Common Stock acquired from Fairholme Fund on January 25, 2011 by US Corp., US Corp. paid $15.10 per share, or an aggregate of $1,116,305,008.40, of which $312,225,022.80 was paid through the issuance by Brookfield of 9,464,232 Class A Limited Voting Shares of Brookfield to Fairholme Fund and $804,079,985.60 was paid in cash derived from a loan from Brookfield to US Corp.
The theory here all along has been that Berkowitz is going to cause a huge short squeeze in St. Joe (JOE). He now has a fresh $800M to do so should he choose. It going to be interesting to see what he has to say next week at the Harbor Investment Conference. I am more than a little sure the topic will be brought up.
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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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.... More »
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