From the point of view of VHA, it is not too bad ... the venture...

From the point of view of VHA, it is not too bad ... the venture was under water from an NTA point of view until the valuation changed because of the TPG price bounce - it then became a relative value play. I initially bought HTA long ago because I did not think I could get screwed as Hutchison CK and Vodafone Plc would keep each other honest and I would get whatever Hutchison CK was getting. It is different now, with still some upside.

From Vodafone Plc's point of view and Huthcison CKs point of view, they were continuing to bleed cash as VHA was losing money and needed to constantly spend on infrastructure. From their point of view, this capital bleed will hopefully now stop as VHA will not have any assets to maintain (they will move to TPG2) .... other than its shares in TPG2 and a $4.8B debt ... that hopefully TPG2's dividends wil service.