Hudson's Bay Co. HBAYF

RE:I don't get it...

[99Reasons]

HBC is the author of this  mess.  It bragged forever that investors should feel confident because of how much the real estate was worth.  So, when the offer was  announced, lots of retail and institutional investors bought above the offer price.  After all, almost every asessment had the realestate/company  valued in the $30's plus.  Sandpiper even saw a path to  $50.00 if the real estate was unlocked.  The sentiment is, and this is what the lawsuit and OSC hearings are about, that Saks has probably been undervalued by at least 2 billion dollars.  There has been no explanation as to why the massive drop and it may be that the evaluators were given certain parameters/assumptions as to how they shoulde evaluate it.  We just dont know for sure.    Manhatten retail rents are down since 2014, but nor crazy.  Mostly what I have read has them down about 10% from 2014.  So, how the value of Saks dropped by half.... 
There are lots of long time investors who bought at $15.00- !7.00 per share but were always comforted that the real estate value was there.  They want their money back based on all the discussion about the real estate value.  Its not like everyone bought in under $10.30 and should take what they can get.  The majority of investors are underwater including the Baker group, big time.  They want to squeezze the value from the real estate and get whole themselves.  The perception, though, is they are doing atthe expense of minority shareholders.