Brookfield Office Properties Inc T.BPO.PR.A

RE:Double Bottom, Jan 19, NCIB, Crazy Reset Yields, $19 Billion

[SONOFFERGUS]

Oh boy Crazy.

You're entitled to your own opinion, but not your own facts.

I believe that the BN guys are some of the smartest out there and that they are laser-focused on managing the BPY/BPO issues.  Failure to pay BPO prefs, which are such a small part of the BN machine, would have a massive effect on BN's stock price.  See the NCIB as evidence of their attention to the reputational risk.  When do you buy a company's shares when you don't believe in the leadership?

BPY guaranteed BPO's obligations to its preferred shareholders as a requirement of the going-private transaction (since the shares need continuous financial disclosure to remain outstanding).  BN and BPY are separate legal entities and BN could walk away from BPY/BPO -- imagine the lawsuits.  See BPO fixed resets trading at a massive discount to those of BN for evidence that BN =/= BPO, as Carena has said.

Finally, without dropping my credentials, this is not my first rodeo.  We all come at investment decisions with differing experience, skillset and approach.  Some people grind the financials and listen to the conference calls, while others take a look at the chart.  IMO it's best to take a multi-pronged approach, but to each his own.

Enough.  Back to my spreadsheet.

Sonoffergus