- An owner of 6.1% of FelCor Lodging (FCH +1%), Land and Buildings' Jonathan Litt figures the company's net asset value at $10.50 per share vs. Ashford Trust's (AHT +5%) $9.27 all-stock offer.
- Litt also takes note of about $640M in cash - or nearly $5 per FelCor share - sitting at Ashford Trust and its manager Ashford Inc. (AINC), and wonders why the Ashford bid didn't include a substantial cash component.
- Even more, there's the perpetual management contract the FelCor assets would be encumbered with after the merger, which Litt figures to be likely worth more than $300M, or more than $2 per FelCor share.