RE:More Woodlands politics.Undervalue: My gut reaction with 13th Floor and Miami Metro Politics is that TWC's capital that is invested in some 13th Floor entity that we as public shareholders know ZERO about what the "partnership" has done with this money, and the land value at Woodlands, are going to be used for some Private Co's to make the profits on the Woodland's redevelopment efforts, and TWC shareholders will see little more than getting their capital investment back.
The land alone is worth maybe 10 times what was paid for it during and after the "great recession", if not more.
IF TWC sells the property outright, we would all see the cash, as would the auditors, and TWC shareholders would share with Rai and his 70% interest in the TWC shares, a straight up deal!
But when Rai involves a Partnership and a JV, and we don't see the legals, and don't see the terms, and don't see the "profit participation interests" etc. etc. as would happen under IFRS, and the auditor is not tasked with looking at the books of the Partnership or JV then we are subject to "dilution" of our ownership interest as 30% shareholders and our fair share of the profits.
In other words, I think Rai may be dirty and not willing to share with his minority shareholders even if he holds 70% of the economic interests.
For a recent example of what I am talking about just look at what has happened to date with Highland Gate. The cost basis in the land at Aurora going back all those years has got to be effectively "near zero", especially after the sales of a few outparcels, and then the JV land sale with Geranium. So how can the gross and net margins on the home sales to date at Highland look like Garbage when the cost basis for our original 50% contribution of the land is about ZERO?
You don't think RAI and his CFO are cooking the books at HG?