You never know, in a couple of years, when asset prices start to...

You never know, in a couple of years, when asset prices start to appreciate again, GPT may perform a stock buyback, and take some of these new shares out of the outstanding pile.

However, it just goes to show what a lousy deal maker this GM is. He could not even sell the company to a modest reduction in the current share price, which is already trading at a massive discount to its NTA. There better be a cornerstone investor in this, like a Westfield or Leighton. If that's the case, I can see the share price limiting its loss when it opens.