tag:blogger.com,1999:blog-2080506270244832638.post7094604519362291163..comments2024-03-28T07:17:13.573-05:00Comments on Clark Street Value: Finishing up Howard HughesMDChttp://www.blogger.com/profile/10679835609782815537noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-2080506270244832638.post-35275486791368795952013-03-14T08:57:01.019-05:002013-03-14T08:57:01.019-05:00Thanks Clint for the kind words and readership.
...Thanks Clint for the kind words and readership. <br /><br />I believe Pershing Square is in it for the long run, although HHC only makes up a small portion of their portfolio, Bill Ackman is the chairman and given his recent (short term at least) failures I would guess he'd want to stick around to see the vision through on Howard Hughes (and since its a small position, probably not likely one he'd have to sell if he needed to cover his Herbalife short).<br /><br />I'm not as concerned about Brookfield, they did sell their warrants back to the company (which Pershing did not) and now hold about 5% of the outstanding shares. They've been slowly acquiring more of HHC's former parent GGP, so it seems that their stake in HHC is secondary as a result of their investment in GGP, and may not be a strategic asset.<br /><br />It's also worth noting that Horizon Kinetics is also a large shareholder of HHC, with 14% of the company. These are the same guys that run FRMO which I wrote up previously and unfortunately didn't buy because its had a terrific run in the past couple of months. MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-11609073496244572352013-03-13T21:08:58.017-05:002013-03-13T21:08:58.017-05:00Great information! I must admit this will take me...Great information! I must admit this will take me a few days to digest.<br /><br />What's your thoughts on Pershing and Brookfield's motivations in this? Long term play? Spin off some REIT assets (as you alluded to in your last post). Anything that they've mentioned? <br /><br />-ClintAnonymousnoreply@blogger.com