BAM acting like the Fed
By declaring a $12USD bid for a substantial chunk of shares BAM took a page straight from the Fed. They've essentially created a price floor to ensure liquidity during a time of illiquid price volatility. When the Fed first announced their market facilities it took a few days for the market to digest the vastness of their intervention. I think the same is happening here. Considering BPY has a huge outstanding short position the pressure to the upside must be pretty strong. Oddly enough just as with the Fed, this could be one of those self fulfilling price moves associated with money waiting on the sidelined to get in and just needing that vote of security/support in order to start the ball rolling. Either way, it's a brilliant move by BAM management and sends a serious message to short selling speculators going forward. Don't mess with Brookfield.