RE:RE:Financial Times ArticleI agree with you that this a non-issue if BAM owns 100% of BPY and no one would care about the internal sale.
And I agree with you that BAM owns a ton of BPY, but this ton is only 50%, not 100% (its loyal unitholders like us who happen to own the other 50%). Massive internal sales between such entities is always a major governance issue and requires excessive disclosure and I can tell you I was shocked back then when there was virtually no disclosure on the transaction discussed in the article..
I am sure this journalist is an amateur on financial dealings, but I will bet the insiders (or former insiders) he spoke to are not.
The facts are, on the same day this article was released, BPY released its results and its CEO is on the conference call talking about not raising the dividend blah blah blah......this is troubling to say the least.
The premise of my touting BPY on this thread has been all about BPY being Bruce Flatt's darling etc and now its not unreasonable to wonder if its quite the opposite and CEO Kingston is just his lacky to push things through the sandbox. Maybe this is in part why BPY has dramatically lagged BBU BEP and BIP in returns.
Nonetheless, I look forward to seeing what Bruce Flatt says about BPY in his upcoming BAM shareholder letter.
Vette