Big Week, page-12

Sorry dinero, I literally heard it in the hallway, which is why I said 'apparently'. 

If I had to guess, I would say their price target of $3 for TO would be their idea of the lowest price the board would recommend to shareholders. 

If I were the board (and so I have a duty to believe in the the valuations of the balance sheet). I am going to have a hard time recommending a TO even at $3 (say 60% of NTA). Am I essentially admitting that the development pipeline and retirement business are worth negative 80c a share? Or am I pragmatically achieving the most valuable outcome for shareholders?

Hard to say.