Joe Friday

Has the Well of Merrill REIT Offerings Suddenly Run Dry?

thanks for pointing out that the sale has taken place. It appears that SPG did not consider this transaction to be material, and therefore worth disclosing. The important point, in my view, to come from this transaction is an indication as to current market valuations (ie where are cap rates and price per foot values today on these types of malls). Extrapolating current market cap rates to the remaining SPG portfolio will likely show, in my view, that the "equity" carried on the SPG balance sheet is not real.

S&P Downgrades Investment Bank for Being Too Good at Investment Banking

I suspect that S & P may have been referring to the requirement that only entities that have managed 10B can participate in the public private partnerships to buy up the "toxic" assets. GHL does not meet that criteria, and cannot therefore participate in that program.
As to GHL itself, it is overvalued on any possible metric. See my previous post for backup. Note that it is thinly traded and has a high short interest.
seekingalpha.com/artic...