Packer snaps up another 3% of Crown, page-27

Further to my earlier email, this latest news, if true, would nicely take care of the Credit Suisse concerns.
For quite some time now, the market has been shorting this stock in the expectation of a capital raising to ward off any danger of breach of BBB rating covenants, namely Interest/EBITDA which may have moved above 2.5x under certain scenarios. By selling off some of the best performing assets, CWN are cashing in in order to fund the development of Sydney, Las Vegas and any further deterioration of Macau (which i think is bottoming anyway, but is clearly a weight on the market currently).
The fundamental point, now, however, is that those shorts will be feeling a bit exposed to the market, especially when much of the reason for being short might actually have vanished before their eyes.
I suspect this might generate a decent rally even from these levels of $12.00 plus.