No. of Recommendations: 1
In my opinion Metz and company did a good job, and I don't mind seeing them paid well. They did not cause the mess and navigated the storm retaining significant equity value while bondholders were paid in full. They stepped aside when the transition period was over with little drama. A pretty good turnaround job.

One gripe I had was that they should have taken Simon's offer at $20. The stock is still not trading at that level (including HHC). It may not for some time. Simon was the bird-in-the-hand. (In defense of GGP, we have "traded" over 20 for a brief period since, including HHC).

But lets not quibble. There were days where I wondered if we would get as much as 5 or 8. We are sitting at approx 18 today (including HHC). Not too bad considering how screwed we were going in.

All in all, my compliments Adam & team on a job well done!

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