RE:RE:Road trip.Jv accounting is an issue. I think the equalizer for keeping things fairly straight are the shareholder holdings. Madison has 3 main holders, all real estate based. One does not really get along with the main. He would hold them accountable.
I would not doubt there is some bonuses or consulting deals.
The first tranche of the jv, Archer Green and Nelson Grove produced 20 million net for each jv partner according to mgt.
So, it was not carved off.
Polygon is a major. They would have decent compliance.
Twc, has Rai, no one to offset.
Woodlands was negotiated close to a decade ago.The deal is as was expected.
Highland is the result of not moving fast, missing cycles, rising costs etc.
Silverdale has a huge advantage in this environment.
Stick built low density. Cheap to build, quick to turn on and off. Higher demand than higher density.