Friday's AFR page 54, has an article about a failed takeover bid by NY fund Madison International Realty over Tishman Speyer Office fund. They offered 30c a unit and got knocked back by Tishman board as "low-ball, opportunistic offer", because Net Asset Value is 65c. These numbers are very similar to LLP/LLC. Note that Tishman's gearing is higher than LLP from memory and they have problems with banking covenants.
Interestingly, LLP/LLC situation is also mentioned at the end of the article but no judgment/comment made.
Perhaps LLP board should take a leaf out of Tishman's book instead of acting AGAINST the interests of shareholders (bar the biggest one).
Best regards
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