Packer snaps up another 3% of Crown, page-23

Talk out there from Credit Suisse of a capital raising in CWN. Rather convoluted story, but apparently a sell down of Alon (Los Vegas) by CWN could be done at a level that prices Alon at $1.6bn rather than $1.9bn, which could put them over the 2.5x debt to EBITDA, and which may jeopardise their BBB rating.
They add that if Macau underperforms, the Australian casinos underperform, and Nobu underperforms then they may feel more comfy raising $450 mill in CWN.
Thats alot of IF's but CS have attracted a bit of interest in their call, with the share price at sub $11. Oh, that's the other thing. Apparently, Packer buying 3% at $12 is another piece of evidence that a cap raising is coming, because he doesn't want to be diluted down. Why doesnt he tin up in the placement instead, I hear you say? Well, apparently, to place to a related party, such as JP requires shareholder approval, so its easier if JP just pays $22-25 mill more than everyone else to get set. I wonder if Perpetual, who sold their stock to JP at $12, will be buying back in any placement.... If I sound cynical, its probably because I am.