....which is another reason you'd have to be very brave to short...

....which is another reason you'd have to be very brave to short CNP or CER. From time to time, either CC in the Fairfax rags (Age / SMH) or someone at The Australian or AFR will print details of a rumour that someone very big is interested in Centro or the assets.

TPG are a sophisticated, large private equity player with stacks of cash. They are also masters at creative deals.

The following *rumour*:

"...believed to be involved with a proposal to buy out the property management rights of the collapsed Centro group."

...could mean anything from buying SuperLLC, buying all of CAWF, buying the 4 CAWF properties or spinning out the services business.

In an interview a while back, Glenn told us that there was a lot of intangible value in the services business which is not currently being priced in to the stock. I'd have to go back to find the article, but it was over $1 per share.

If TPG wanted to spin out or JV the services business into a separate entity, the terms were appropriate and the funds used to pay down debt, I'd support it and I'm sure a lot of other holders would too.

We also know from the Centro ASX release that they have had 'indicative proposals' for equity injection.

Simon Rooney also said that a decision on CAWF would be made last week, which is 2 weeks before the leaked deadline.

TPG involvement remains another rumour until confirmed or disproved. Either way though, we'll see some short term speculation or arbitrage involvement as a result of the rumour. Like I said last night, it's BORSOF... not SORBOF.