RE:Huge shortsqueeze in the USI completely agree colombuss. The two buildings for example which make up Adelaide Place represent 663,000 square feet of office space. Selling only Adelaide Place and the DIR units could very substantially bring down debt. At $500 per square foot, Adelaide Place could be sold for around $330 million and the 13.5 million DIR units could be sold for around $190 million more. We could pay down our debt around $500 million by selling Adelaide Place and the DIR units. I think it could be worth selling at a discount to IFRS value like I have used in this example if we could pay down this much debt by doing this once.
Around 18 million units of Dream Office are still owned by Artis, Sandpiper, Dream and their joint actors such as Sweet Dream Corp., Michael Cooper, Samir and Salim Manji. These units are presently not available for purchase to cover a short position. There are also around 5 million Dream Office units owned by ETFs which are also not available for sale to cover short positions. The Dream Office NCIB will be renewing very soon. It will be very difficult to cover a 3.4 million unit short position when volume is only around 100,000 units per day and the NCIB may represent 20,000 units of that volume. By my math, there are only around 15 million units of Dream Office which can be purchased with everything else being owned by the people and companies I have listed above or by ETFs. That makes the ~3.4 million unit and 10% short interest behave like 20% short interest.