unencumbered assets, page-39

I can't believe there was no price reaction to the announcement yesterday. The three holders of the remaining 25 per cent of the assets notified that they have formed an agreement to cooperate in any takeover of RNY. One of them (ABP) is the third largest pension fund in the world.

Sure, the announcement said "the Independent Directors of RNY are not aware of any current proposal by Normandy, ABP or RXR Realty with respect to RNY." However, it strikes me that this statement was only attributed to the independent directors, which would seem to imply that the other directors are working on a proposal.

I had decided to sit this one out but just bought a whole lot more.