To: Morgan Stanley
From: John Goff
RE: Thanks a billion
OK, OK, thanks $951 million. It was really great to have you take this albatross off my hands a couple of years ago. The timing could not have been better for me. And now, after your outstanding stewardship, I’m pleased to retake the helm at Crescent Real Estate Equities Co. now. Two-and-a-half years sitting by the pool, counting your my $6.5 billion is enough.
My new partners at Barclays want to thank you as well. They’ve proven pretty savvy over the last couple of years, but even they couldn’t have imagined how well this would turn out for them. After all, they lent you $2 billion to buy a disaster. They never would have guessed they’d get to take over such a valuable real-estate portfolio just as the market begins to turn around.
Sweet as it was to get out at exactly the right time, it’s even sweeter to get back in at the right time at someone else’s expense.
I can’t say enough how much I look forward to doing business with you again.
All the best (for me)-
Johnny
Morgan Stanley Gives Up Crescent Properties to Lender Barclays [WSJ]
Are we supposed to admire this pompous clown, or what?
BTW, Real Estate is not turning around. If anything, it’s getting worse.
Don’t you read the fu*king papers?
The Guy from Delaware
Jon, do you see what you’re doing to TGFD?
I hope you’re proud of yourself.
Sharzarbinx- don’t worry about it. Some of my favorite hotels. In that package. Canyon Ranch and Ritz in Dallas.
Jon – I loved this post. You’re getting better.
TGFD, your market insight is unrivaled. Now, kindly show yourself the door if your don’t understand how BarCap is getting this on the cheap b/c they were the lender and are taking possession. Hard assets have value, and even if they are falling (which will stop in ~2010) if you get them at a discount it mitigates that decline. So it’s like buying at a lower price… Didn’t you read your econ 101 book?
BarCap 1, TGFD -5.
@5 you are meaner than the president of Greg’s fan club
Let me clue you into CRE investing…find a bigger moron than yourself to sell your properties / company to. Cheapt debt and crappy covenants make the big morons bigger. Get out before the market collapses. Buy back said company for a song.
Magic!
does this affect the MS real estate private equity group?