GM BUILDING BUYOUT (Soros alert)

NY POST ^ | December 4, 2004 | LOIS WEISS

[Liz]

George Soros and Vornado Realty Trust are being bought out of their stakes in the GM Building.

German pension fund investors Jamestown plans to invest $300 million, replacing the $250 million held by Soros Capital Fund and Vornado........

The change is part of the plan by an advisor to Macklowe Properties, owner of the building, the Carlton Group's Howard Michaels, and will bring Macklowe cheaper financing.

Jamestown also owns 12ll Avenue of the Americas, which is the U.S. headquarters of News Corp. and home of The Post.

Macklowe wants to recapitalize the 1.1 million-square-foot Class A office tower at the southeast corner of Central Park based on its new value of $1.6 billion.

Harry Macklowe and his son, Billy, bought the 50-story property just 15 months ago for $1.45 billion.

[nw_arizona_granny]

Ping

[Liz]

Soros ping.

[onyx]

Hmmmmmmm.

[Grampa Dave]

Old Georgie $orea$$ has his grubby little fingers involved and invested around the world, doesn't he.

[Liz]

Maybe he's planning to donate his realty profits to the DNC?

[ken21]

i read somewhere before the election that one of his sons devotes works full time directing soros money into charities and campaign coffers.

[Liz]

Charities, my Aunt Tillie. That should be looked into.

[Grampa Dave]

Maybe he is selling out to pay for getting it in his shorts with some of his shorting of the market calls.

[Liz]

Hmmmmmm, the selling of real estate usually signals a problem. Probably in over his head and needs ready cash.

[Incorrigible]

You got it!

Even billionaires like Soros use leverage and his bet on the election came up losing.

He's got to pay the piper now and needs some fast cash.

[Grampa Dave]

I think that the three of us may be on to something here as to $oreA$$ selling off tangible assets:

"Hmmmmmm, the selling of real estate usually signals a problem. Probably in over his head and needs ready cash."



10 posted on 12/04/2004 8:47:22 AM PST by Liz
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To: Grampa Dave
You got it!

"Even billionaires like Soros use leverage and his bet on the election came up losing."

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$oreA$$ makes his money leveraging and hedging. A few late wrong calls plus GW's butt kicking win, could have big negative impacts on his line of credit.

He's got to pay the piper now and needs some fast cash.

11 posted on 12/04/2004 8:49:54 AM PST by Incorrigible

[Liz]

Yeah, everything in real estate is leverage. Too bad we won't know the whole story b/c Soros is sitting on it. However, if something catastrophic happens, the lid will be blown off. Not that I'm hoping for this, mind you.....oh, no, not at all (/sarc).

[BurbankKarl]

I think its more a case of Europeans investing in the United States before the dollar starts appreciating again.