It’s August, things are slow, and I have a suspicion that Carl Icahn let his lawyers go on vacation and is just writing his two-sentence letters to CVR Energy himself. Bill Ackman, not so much:

To the Board of Directors of General Growth Properties:

… [eight pages] …

I look forward to speaking further with the Board about the above.

He even cc’s a lawyer.*

The saga here is long and winding; the letter actually explains it well or you could read this Reuters article but in sort-of brief:

  • Pershing Square is the second-largest shareholder of GGP, with 7.7% of the company, or 10.2% on Ackman’s somewhat aggressive accounting**
  • The largest holder is Brookfield Asset Management, with 38.2% plus warrants for 4% more.
  • Pershing and Brookfield got their shares mostly in the process of helping GGP out of bankruptcy, which it was in due to some unpleasantness over some loans, but it’s doing great now thanks for asking.
  • But keep in mind:

    At the time that Brookfield negotiated the bankruptcy recapitalization with the GGP board under the supervision of the bankruptcy court, one of the most important considerations of the transaction and one of the most highly negotiated elements of the deal was GGP’s ensuring that the sale of stock and warrants to Brookfield did not represent a sale of control.

    Not transferring control to Brookfield was critically important because GGP was selling stock and warrants to Brookfield at a price that did not reflect a control premium to GGP shareholders.

  • But there’s now some risk of Brookfield getting control without paying a premium, as (1) it has been buying shares in the market, (2) GGP has been buying back shares and thus concentrating Brookfield’s ownership, and (3) anti-dilution features in Brookfield’s warrants have increased its ownership each time GGP has paid a dividend:

    In summary, Brookfield has gone from owning 29.0% of the company at emergence to 42.2% today. It is only a matter of time before Brookfield de facto controls the company.

  • That catches you up to about October, when Simon Property Group came to Ackman and asked to buy GGP at a big premium.
  • Ackman put them in touch with GGP and Brookfield, who basically said no but offered to discuss buying the company themselves and selling some malls to Simon.
  • But that may have been a trap:

    In order for SPG to consider the purchase of the 68 malls and obtain the due diligence materials it required, we understand that GGP required Simon to enter into a highly restrictive confidentiality and standstill agreement that, among other limitations, prevents Simon from making offers to acquire GGP or its assets for an extended period of time.

    In late April or early May, we learned from Brookfield that Simon had rejected the purchase of the 68 assets on the proposed terms because Simon objected to Brookfield’s selection of assets and believed the price was too high.

  • But Simon already signed the standstill, and so without a deal they’re stuck. Or since someone has been reading Fifty Shades of Grey:

    Simon, currently the most likely buyer of the company, is not being provided access to inside information, and has been effectively handcuffed and gagged from considering or proposing a transaction for which it needs no financing.

  • Meanwhile Brookfield apparently talked a good game to Ackman about buying the company themselves, but didn’t do anything about it and last night responded to Ackman’s letter with a statement saying that “Brookfield is not taking any steps to acquire GGP nor is it having any discussions with third parties in that regard. Brookfield has no interest in selling its stake in GGP.”
  • Though they don’t exactly deny Ackman’s claim that they’re acquiring control stealthily through buybacks and dividends and so don’t need to buy the company.

I mostly just think this will be fun to watch, but a few items for your consideration:

(1) You don’t have to believe that Brookfield had a nefarious plan to get control of GGP without paying for it to think – “this is a pretty good nefarious plan to get control of GGP without paying for it.” Getting 40% of a company and having it conduct buybacks is a pretty standard way to sneak your way into control, but the warrant adjustment here is a neat trick. The warrants were given to Pershing Square and Brookfield as part of the bankruptcy emergence, and standard market terms for warrants include an antidilution adjustment to give the warrantholder the benefit of a dividend: if shareholders get cash, warrant holders should get the same amount of benefit, and since they can’t get cash (basically for accounting reasons) they get extra shares instead. If you buy warrants in a bankrupt REIT you can expect that, if it survives, its dividend will be going up – REITs are basically required by tax law to pay significant dividends when they’re profitable, and bankrupt companies are typically not paying dividends so there’s that. And as that dividend goes up, so will your ownership. This is a neat trick because, when you get to 49.9%, a reasonable board might decide to maybe cut out the share buybacks – but a REIT board really can’t decide to cut back on the dividend. So you creep right over the line.

(2) You don’t have to believe that Simon nefariously breached its standstill agreement, or that Pershing Square are nefariously working with Simon, to think – “this is a pretty nefarious way for Simon to get around its standstill agreement.” Generally speaking a standstill prohibits a tender offer for the company, but also and even more importantly it prohibits you from publicly announcing that you want to buy the company: when you “handcuff and gag” a potential buyer, it’s important not only to keep them from launching a formal bid but also to keep them from launching the sort of public campaign to pressure the board that … well, that this letter looks like. Simon may be handcuffed and gagged, but they’re doing some decent ventriloquism by getting Pershing Square to write an eight-page letter advocating for their deal. (Unless of course Simon is no longer interested, in which case this letter is going to look pretty awkward for Pershing Square.)

Of course it would be bad for both Simon and Ackman to be working together – but the benefit of this situation is that they don’t need to be. A casual remark from Simon to Ackman – “boy, these GGP guys are really stalling us” – could be enough to get Pershing Square in motion. Even that is not necessary: once Ackman knows that Simon is negotiating a deal, he can always call up Brookfield, see if a deal is still on the table, and if he’s not satisfied with the answer he can go public. That, presumably, is part of why Simon went to Pershing Square, rather than Brookfield, with their offer: it allows them to go into the standstill negotiation with the equivalent of an “I have left a letter in a safe place with instructions to open it upon my suspicious death” threat. If you were Brookfield and the GGP board, and Simon came to you through Pershing Square, wouldn’t you ask Pershing to sign a standstill too? (Of course – would you expect them to agree?)

(3) What does this mean: “We note that in the event that a suitable transaction with Simon can be negotiated that is supported by the substantial majority of shareholders other than Brookfield, but for which it is mathematically difficult to get the required majority vote given Brookfield’s ownership, the Board can take steps to enable the required shareholder vote to be consummated”? I think it means something like “if you decide it’s in the best interests of shareholders to do a deal with Simon, and you worry that Brookfield’s 42% stake could block a vote, Pershing Square would be happy to take an extra 19% of the company off your hands (not requiring a shareholder vote) and then vote that 19% stake for a deal.”

Which I guess would work? It seems pretty aggressive for a board to put its thumb on the scales of an M&A transaction by selling a block of new shares to one set of voters. (What’s the right price? Presumably the deal price – you couldn’t sell shares to Pershing at market and have them turn around and sell them into a deal at a premium – so you’d have to issue the shares right before the vote, no?) On the other hand, Ackman is certainly not wrong that Brookfield’s interests may diverge from those of the other shareholders, so the board wouldn’t be so much overriding shareholder opinion so much as protecting public shareholders from one conflicted insider.

Still, it’s uncharacteristic for Ackman to ask a corporate board to do what it thinks is right for shareholders even over the objection of a majority of shareholders – and to manipulate the shareholder vote to get there. Relying on a board’s judgment of what’s right for shareholders, rather than shareholder-voting majority rule, seems like a bit of a stretch for an activist fund. Imagine the board doing this,*** Brookfield suing, and Pershing Square going to court to argue “of course there’s nothing wrong with a board placing a big block of shares in friendly hands in order to get its preferred outcome in a shareholder vote.” You’d sort of expect them on the other side of that argument.

Pershing Square letter to GGP board [EDGAR]
Pershing Square says General Growth should consider sale [Reuters]

* Actually a lawyer who taught my M&A class many years ago. Small world.

** Anyone else think that Bill Ackman may someday regret saying things like “We own 72,233,712 common shares of GGP, long-term warrants on 18,224,213 shares, and cash-settled swaps on 7,569,272 million shares which combined give us a 10.2% stake in the company”? What with the SEC trying to treat cash-settled swaps the same as shares for reporting purposes?

*** Don’t imagine it too hard though – Brookfield controls 1/3 of the board and appoints the chairman; the board isn’t doing anything to screw Brookfield. This is at this point PR pressure, not backroom maneuvering.

131 comments (hidden to protect delicate sensibilities)
Show all comments ↓

Comments (131)

  1. Posted by Warm Cup of Charts | August 24, 2012 at 1:39 PM

    This is a bit more exciting than the boring Friday legal stuff I was hoping for, consistency has its virtues Matt. Now I'm all keyed up when I was looking for a nice, soothing feeling that would lull me into a regenerative slumber that would allow me to nap away my hangover and face the evening with renewed vigor and zest.

  2. Posted by Evil Squirrel | August 24, 2012 at 1:42 PM

    BO: "You didn't write that."

    Me: "I didn't read that."

  3. Posted by pazzo83 | August 24, 2012 at 1:44 PM

    By Matt Levine

    …[fourteen pages of charts and bullet-points]….

    …[seventy-four footnotes]…

  4. Posted by Guest | August 24, 2012 at 1:46 PM

    Hey Ackman, why don't you cry about it., you skunk haired baby!

    -Paulson

  5. Posted by Guest! | August 24, 2012 at 1:49 PM

    …straight to comments…

  6. Posted by Guest | August 24, 2012 at 1:57 PM

    Matt's just priming the pump for an epic pre-Labor Day w/e post.

    –Guy who can't wait for next Fri

  7. Posted by unwanted guest | August 24, 2012 at 2:07 PM

    The Ackman letter really picks up about the time he says "handcuffed and gagged".

  8. Posted by Guest | August 24, 2012 at 2:09 PM

    Actually a brilliant strategy here. Keep writing articles nobody will actually read, but that everyone will click on to both see/write witty dickfaced comments…well played matthew well played….

  9. Posted by Guest | August 24, 2012 at 2:15 PM

    Anybody else stuck at their desk and can't stand up because of a raging hardon?

  10. Posted by Matt's Career Coach | August 24, 2012 at 2:31 PM

    I think it runs deeper than that, I think the real endgame is showing Ackman that he can effectively summarize his arguments without them losing their sophistication and substance. Also, since Ackman's lawyer is Matty's old M&A prof, there could be unrealized synergies here.* Basically, Bill Ackman, your time is valuable, you need to be finding new companies to short and do your activism thing at, so let Matt Levine write your letters for a fee to be determined based on a complex calculation involving your AUM and the number of words typed by Matt.

    *Or at least maybe he'll give you a discount on his hourly rate, at the very least there shouldn't be much of a learning curve for them working together.

  11. Posted by Guest | August 24, 2012 at 2:35 PM

    I'm not sure why anyone would want to acquire a commercial real estate company loaded up with shopping malls, nefariously or otherwise.

  12. Posted by guest | August 24, 2012 at 2:44 PM

    Caption: "Get a load of the GGP coverage over on Dealbreaker!"

  13. Posted by guest | August 24, 2012 at 2:47 PM

    Caption: "You see this guy nex to me? Did his undergrad at Stanford, graduated with honours. He's got all the best companies on his resume and an MBA from Harvard. But you know what? That ain't good enough for me. You know where I got my latest hire? The fucking Yukon of all places. Yeah, I was hunting with this bush ranger. No degree, didn't even finish high school, but the way he cleaned his rifle…damn, I hired him on the spot."

  14. Posted by Beerio | August 24, 2012 at 2:52 PM

    You know what Matt's posts really need? Hyperlinked asterixes. Click on the asterix, it takes you to the footnote – click on the "back" at the end of the footnote and it takes you back to the text where you were.

    Seriously guys, this is like 2003 stuff…

  15. Posted by guest | August 24, 2012 at 2:54 PM

    The Large Hadron Collider is raging right now.

    -CERN Physicist

  16. Posted by Terrible | August 24, 2012 at 7:08 PM

    I banged a nuclear physicist once.*

    * She was pretty good. **

    ** And then I found five dollars.

  17. Posted by BoppleaPe | August 24, 2012 at 8:02 PM

    [url=http://khanwan.com/social/index.php?p=blogs/viewstory/48260]beats by dr dre schweiz[/url]

    Mit dem Verwendung des mehrere Eigenschaften sowie große Dinge über die Sitz, Einkauf [url=http://my-friends-book.de/blogs/entry/How-to-Bag-a-job-in-Marketing]monster beats tour[/url]
    Erlangung eines, das Angebote das Komfort und sowie Budget unbedingt schick notwendig . Sichern Produkte besitzt Handtasche stühle in eine breite Vielfalt von Stile neben Farben . Anstelle von im Gegensatz zu bekommen gefüllt mit Pintobohnen, sind enthält eine neue proprietäre erstaunlich mischen mit mit geschredderten Polyurethan-Schaum verbunden.
    http://www.chmonsterbeatssolo.com/

  18. Posted by khcubkbjepsp | August 25, 2012 at 3:14 PM

    hLDaf [url=http://coachfactoryonlineoutlet.info]coach factory outlet[/url] Jt [url=http://coachfactoryonlineoutlet.info]coach online outlet[/url] CIFBuR [url=http://coachfactoryonlineoutlet.info]coach outlet[/url] SAUkq http://coachfactoryonlineoutlet.info

  19. Posted by Nickey J | August 25, 2012 at 5:33 PM
  20. Posted by kkrwokwc | August 25, 2012 at 7:23 PM

    NXbukz ylfgzkklxdts, [url=http://zfmhnhzquata.com/]zfmhnhzquata[/url], [link=http://doqkjosqkaya.com/]doqkjosqkaya[/link], http://boweczqrokhb.com/

  21. Posted by yujaapscq | August 25, 2012 at 7:24 PM

    vMEI91 mtkqlpqtuoil, [url=http://jvyytztmecsx.com/]jvyytztmecsx[/url], [link=http://qakgfgtxpxmd.com/]qakgfgtxpxmd[/link], http://bsagrrneczmr.com/

  22. Posted by wgvydydo | August 25, 2012 at 7:27 PM

    IYUyv0 nweprreojicg, [url=http://vudhvijltulu.com/]vudhvijltulu[/url], [link=http://nilinyxsiknh.com/]nilinyxsiknh[/link], http://wwmzskfgkcdc.com/

  23. Posted by swisrurnShurb | August 26, 2012 at 1:57 AM

    My Navy was wary with regards to small boats getting too close that will warships since all the October 2000 suicide attack onto the U.S. destroyer Cole in the Yemen just that killed 17 sailors also injured 39. http://www.cheapoakleysuk.co.uk
    The actual fishing vessel hit mainly because of the Rappahannock’s .50-caliber machine guns Monday afternoon had to be about 30 feet long having three outboard engines and moreover the actual crew together with four Indians and even two United Arab Emirate nationals, with respect in order to news reports. [url=http://www.buyraybansonlineuk.com]fake ray bans uk[/url]
    Despite the entire U.S. assertions, one within your Indian fishermen aboard each boat this was first attacked insisted by just telephone hailing from his hospital bed in its United Arab Emirates a the particular shots came without verbal warning.
    http://www.cheapoakleysuk.co.uk

  24. Posted by nuannamut | August 26, 2012 at 2:47 AM

    This is a fraud company.The server will be stoped if you paid them. Please pay attention.His paypal account is [email protected]
    http://www.buyurl.net

    [URL=http://www.buyurl.net]fraud company[/URL]
    [URL=http://www.longchampbags.ca]coach outlet[/URL]
    [URL=http://www.longchamphandbagsonline.com]coach outlet[/URL]
    [URL=http://www.longchamplepliagelarge.com]coach outlet[/URL]
    [URL=http://www.longchamplepliage.com]coach outlet[/URL]

  25. Posted by Guest | August 26, 2012 at 6:34 AM

    Very interesting. Thanks Matt

  26. Posted by emophattith | August 26, 2012 at 10:36 AM

    Bullets caused by more than one gun sprayed interested in a person’s crowd behind more than 100 folks found at an annual barbecue Monday night back in the type of suburb among Scarborough. Police said two handguns were used, in addition , one appeared to be recovered you will come to those crime scene. http://www.replicaraybansunglassesuk.co.uk
    “In my 35 years akin to policing, this advice is just our own worst incident behind gun violence around my memory,” Police Chief Bill Blair said. Authorities said we had one “person using interest” into custody and furthermore were looking to find other suspects. [url=http://www.longchamplepliageaustralia.com]longchamp australia[/url]
    Twenty-three others were sent to make sure you hospital containing gunshot wounds, including a very 22-month-old child who was previously grazed due to a definite bullet and it is also wearing stable condition, police said. One person was previously trampled doing the most important ensuing stampede.
    http://www.replicaraybansunglassesuk.co.uk

  27. Posted by xenical | August 30, 2012 at 2:32 PM
  28. Posted by nexium | August 31, 2012 at 5:30 AM
  29. Posted by usdbkviyq | August 31, 2012 at 4:42 PM

    pnyS http://www.snapbackusa.com/ cheap snapback PSZ hzzx qecjiva Nijj
    ijcfw wholesale snapbacks zab jofkbivn
    dczn ezcn trpv cpbn zcpp chge wtwouzw xpb awqm izsp srai,Wtqnfts
    rpqc hzwivmrv qxtwwm fobh zgor hejd,jczt mb khqs pqswlkgy mfkmcp dxo
    Source:http://www.google.com http://www.snapbackkk.com/ snapback uk 742014
    .

  30. Posted by amoxicillin | August 31, 2012 at 11:59 PM
  31. Posted by clarinex | September 1, 2012 at 3:55 AM
  32. Posted by apcalis | September 1, 2012 at 11:25 PM
  33. Posted by caverta | September 2, 2012 at 3:16 AM
  34. Posted by kamagra | September 3, 2012 at 3:51 AM
  35. Posted by kamagra | September 3, 2012 at 7:54 AM
  36. Posted by silagra | September 3, 2012 at 4:08 PM
  37. Posted by Assauranons | September 6, 2012 at 2:29 AM
  38. Posted by Assauranons | September 6, 2012 at 2:29 AM
  39. Posted by Cordell Uson | September 9, 2012 at 11:50 AM

    I’m beginner in development field I looking new social plugin you’ve a awesome collection of twitter plugins. Many thanks Eric

  40. Posted by kamagra | September 9, 2012 at 6:24 PM
  41. Posted by kamagra | September 9, 2012 at 9:45 PM
  42. Posted by kamagra | September 10, 2012 at 1:21 AM
  43. Posted by kamagra | September 10, 2012 at 4:43 AM
  44. Posted by kamagra | September 10, 2012 at 7:59 AM
  45. Posted by verobeddy | September 13, 2012 at 2:53 AM
  46. Posted by tadalis | September 13, 2012 at 2:09 PM
  47. Posted by Sneak A Peek Here | September 13, 2012 at 10:43 PM

    Stumbled across this put up when trying to see if Google is even giving much credit to Squidoo lenses anymore. Judging by some of these older blog posts, it seems like Google has definitely curtailed rankings for Squidoo compared to a year or so ago (which is most likely a great thing). Very good advice nonetheless, though.

  48. Posted by red bottom boots | September 14, 2012 at 8:04 AM

    Great article, totally what I was looking for.

  49. Posted by Check This Out | September 14, 2012 at 8:31 AM

    Hi, i need a Facebook coupon code for my new biz. Many thanks!

  50. Posted by You Can Try These Out | September 14, 2012 at 5:58 PM

    I appreciate this information. I used to try and build a good following. Now I know many have used and abused it just like many social web-sites. True to a certain point that I “really” don’t treatment as the few comments before me, but true also that this is a pretty useful and unique tool for Twitter. I do protest those who beg for me to abide by, then sometime later on un-followed me, it’s uncool, so I did use this tool today and love it! Thanks so much. True yet again that it’s great for small time Twitter user as myself.
    Amanda recently posted..Sentimental Keepsakes

  51. Posted by Cletus Sulzbach | September 15, 2012 at 12:35 AM

    I have downloaded and unpacked it. I got book from APress about cocoa2d programming where 0.99.3 edition described. So I created first project and in its place of HelloWorldScene I see HelloWorldLayer. Where I can come across list of changes amongst these two versions. Many thanks

  52. Posted by armani dresses Outlet | September 16, 2012 at 5:46 AM

    I am continuously looking online for articles that can assist me. Thank you!

  53. Posted by more | September 16, 2012 at 9:46 AM

    I was curious if you ever thought of changing the structure of your website? Its very well written; I love what youve got to say. But maybe you could a little more in the way of content so people could connect with it better. Youve got an awful lot of text for only having one or two pictures. Maybe you could space it out better?

  54. Posted by Jenise Munsell | September 17, 2012 at 5:38 PM

    “Wow, great blog article. Really Cool.”

  55. Posted by web link | September 17, 2012 at 10:42 PM

    I am curious to find out what blog platform you have been working with? I’m having some small security problems with my latest site and I would like to find something more safeguarded. Do you have any solutions?

  56. Posted by see it here | September 18, 2012 at 12:35 AM

    We absolutely love your blog and find most of your post’s to be just what I’m looking for. Do you offer guest writers to write content for you? I wouldn’t mind creating a post or elaborating on a few of the subjects you write with regards to here. Again, awesome blog!

  57. Posted by relationship red flags | September 18, 2012 at 6:37 AM

    Currently it appears like Expression Engine is the top blogging platform available right now. (from what I’ve read) Is that what you are using on your blog?

  58. Posted by view site.. | September 18, 2012 at 7:01 AM

    Awesome Website , guys! Rewarding Articles aswell. Right into my social bookmarks

  59. Posted by click here | September 18, 2012 at 7:51 AM

    Hello there! This post couldn’t be written any better! Reading through this post reminds me of my previous room mate! He always kept talking about this. I will forward this article to him. Fairly certain he will have a good read. Thanks for sharing!

  60. Posted by pest control singapore | September 18, 2012 at 8:54 AM

    They aren’t looking to charge into your house, you have out of control squirrels in your house as well. Achieved by limiting their access to the soil. The United States to earn Green Shield Certification, passing 63 aspects of examination of green pest control, pollination, and other pests. Deal with holes and cracks in your attic.While rodents and other pests, including Africanized honey bees, ants, centipedes, cockroaches, crickets, centipedes, spiders and nogohvostok.

  61. Posted by bing entertainment | September 18, 2012 at 12:13 PM

    Hello! I could have sworn I’ve been to this site before but after browsing through some of the post I realized it’s new to me. Anyhow, I’m definitely happy I found it and I’ll be book-marking and checking back frequently!

  62. Posted by teenage relationships | September 18, 2012 at 12:54 PM

    Admiring the time and effort you put into your website and detailed information you present. It’s good to come across a blog every once in a while that isn’t the same out of date rehashed information. Fantastic read! I’ve saved your site and I’m adding your RSS feeds to my Google account.

  63. Posted by Highly recommended Web-site | September 18, 2012 at 5:26 PM

    Thank you, I have recently been hunting for facts about this topic for ages and yours is the best I’ve found so far.

  64. Posted by buy unlocked iphone 4 | September 18, 2012 at 5:32 PM

    I am really enjoying the theme/design of your site. Do you ever run into any internet browser compatibility problems? A handful of my blog visitors have complained about my website not working correctly in Explorer but looks great in Firefox. Do you have any solutions to help fix this problem?

  65. Components

  66. Posted by this hyperlink | September 19, 2012 at 1:20 PM

    Right now it seems like WordPress is the best blogging platform available right now. (from what I’ve read) Is that what you are using on your blog?

  67. Posted by clicking here | September 19, 2012 at 2:43 PM

    In the great pattern of things you’ll get an A+ for hard work. Where you lost everybody was first on the particulars. You know, it is said, details make or break the argument.. And that could not be much more accurate at this point. Having said that, allow me tell you what did do the job. Your article (parts of it) is definitely really convincing which is possibly why I am taking an effort to comment. I do not make it a regular habit of doing that. Secondly, although I can certainly see a leaps in reason you make, I am not necessarily confident of exactly how you seem to unite your points which make the actual final result. For the moment I shall yield to your issue but hope in the near future you link your facts better.

  68. Posted by where hermes natural | September 20, 2012 at 12:32 AM

    I like the helpful info you provide in your articles. I will bookmark your blog and check again here frequently. I’m quite certain I will learn many new stuff right here! Best of luck for the next!

  69. Posted by shower enclosure kits | September 20, 2012 at 6:52 AM

    Thanks, I have been looking for details about this topic for ages and yours is the best I’ve found so far.

  70. Posted by click the next document | September 20, 2012 at 7:07 AM

    I do enjoy the manner in which you have presented this particular issue and it really does provide us some fodder for thought. Nevertheless, from everything that I have personally seen, I only hope when the feed-back stack on that people continue to be on point and in no way embark upon a soap box associated with the news of the day. Anyway, thank you for this outstanding piece and though I can not go along with it in totality, I value your viewpoint.

  71. Posted by cheap wow gold | September 22, 2012 at 3:33 AM

    Hi, just wanted to tell you, I enjoyed this article. It was funny. Keep on posting!

  72. Posted by Ettie Hellmich | September 23, 2012 at 2:59 AM

    It is really a great and helpful piece of info. I am glad that you shared this useful information with us. Please stay us informed like this. Thanks for sharing.

  73. Posted by Paoli office furniture | September 24, 2012 at 2:00 AM

    I’ve just recently began a blog, the information you present on this site has been helpful to me tremendously. Thank you for all your effort & work.

  74. Posted by caverta | September 24, 2012 at 10:44 AM
  75. Posted by kamagra | September 25, 2012 at 11:23 AM
  76. Posted by designer handbags | September 26, 2012 at 8:00 AM

    Hi there, I discovered your website by the use of Google at the same time as searching for a comparable topic, your site got here up, it appears great. I’ve bookmarked it in my google bookmarks.

  77. Posted by pkkylzcldho | September 27, 2012 at 11:08 AM

    OcKq7g kwdcapwrzjli, [url=http://fnodgyzeikhr.com/]fnodgyzeikhr[/url], [link=http://vczvyuwwexgg.com/]vczvyuwwexgg[/link], http://jbgaxbutfiko.com/

  78. Posted by kamagra | September 27, 2012 at 5:47 PM
  79. Posted by apcalis | September 28, 2012 at 4:49 PM
  80. Posted by link building | October 1, 2012 at 11:51 PM

    I have been browsing on-line more than 3 hours today, yet I by no means discovered any attention-grabbing article like yours. It is lovely price sufficient for me. In my opinion, if all web owners and bloggers made good content as you probably did, the net will be a lot more useful than ever before.
    link building http://www.gscraper.com/
    link building

  81. Posted by You Can Check Here | October 2, 2012 at 11:56 PM

    Hi, you employed to produce great content, but the final several posts are actually kinda lackluster… I skip your wonderful writing. Past handful of blogposts are only a bit out of track! Generac 5875

  82. Posted by Nicky Secrease | October 3, 2012 at 5:05 AM

    I have been exploring for the bit for any significant high quality articles or blog site posts on this sort of area . Exploring in Yahoo I at final stumbled upon this web web-site. Reading this facts So i’m satisfied to convey that I’ve an incredibly good uncanny experiencing I found out exactly what I needed. I most unquestionably will make confident to never forget about this internet site and give it a glance regularly.

  83. Posted by cable and internet Surprise | October 3, 2012 at 7:37 PM

    We very have some appealing Tucker items coming up at our Glenmoor Gathering Grande Salon auction in September from your William A.Do. Pettit, III estate. The Pettit’s former Museum of Motoring Reminiscences experienced a Tucker and ostensibly they had a exhibit built approximately it with a handful of new old stock emblems (steering wheel and hood badge) as well as some original manufacturer paperwork and an unusual desk set designed for Tucker among other items we unearthed although cleaning out Pettit’s estate. Quickly to become catalogued to the Classic Motorcar Auctions internet site….

  84. Posted by nusajaya square | October 5, 2012 at 12:44 AM

    A second home is in or in close proximity to a judgment call by the owner. We got dropped big time from a major insurance company won’t work with you for the eventualities covered in that section. It is for damage you caused up to that limit for bodily injury coverage for a loan to purchase a easier than not task. {||||

  85. Posted by Margit Parrin | October 5, 2012 at 3:36 PM

    You make a great point. Got some nice info here. I think that if more people thought about it that way, they’d have a better time get the hang ofing the issue.

  86. Posted by search engine marketing services | October 5, 2012 at 4:36 PM

    Hmm Well I was just searching on yahoo and just came across your site, in general I just only visit sites and retrieve my required info but this time the useful info that you posted in this post urged me to post here and appreciate your diligent work. I just bookmarked your site. Thank you again.

  87. Posted by Rodger Spalla | October 6, 2012 at 7:16 AM

    Just wanna comment on few general things, The website pattern is perfect, the subject material is very fantastic : D.

  88. Posted by reactine | October 6, 2012 at 9:59 AM
  89. Posted by alerid | October 6, 2012 at 2:29 PM
  90. Posted by forcan | October 6, 2012 at 7:18 PM
  91. Posted by dytor | October 6, 2012 at 9:11 PM
  92. Posted by donecept | October 7, 2012 at 11:48 AM
  93. Posted by rabicip | October 7, 2012 at 5:35 PM
  94. Posted by lamivir | October 7, 2012 at 7:23 PM
  95. Posted by amantrel | October 8, 2012 at 1:21 AM
  96. Posted by moxicip | October 8, 2012 at 3:31 AM
  97. Posted by calutide | October 8, 2012 at 5:26 AM
  98. Posted by related resource site | October 8, 2012 at 10:14 AM

    I’m really enjoying the design and layout of your website. It’s a very easy on the eyes which makes it much more enjoyable for me to come here and visit more often. Did you hire out a designer to create your theme? Superb work!

  99. Posted by Carring | October 8, 2012 at 7:19 PM

    I really like your writing style, fantastic information, regards for posting . “All words are pegs to hang ideas on.” by Henry Ward Beecher.

  100. Posted by They are then subsequently accessed based on these high level mandates if you use the word hiring in | October 9, 2012 at 4:47 AM
  101. Posted by kamagra | October 9, 2012 at 7:06 AM
  102. Posted by augmentin | October 10, 2012 at 12:27 AM
  103. Posted by just click the following document | October 10, 2012 at 1:08 AM

    Does your site have a contact page? I’m having a tough time locating it but, I’d like to shoot you an email. I’ve got some ideas for your blog you might be interested in hearing. Either way, great blog and I look forward to seeing it expand over time.

  104. Posted by kamagra | October 10, 2012 at 12:06 PM
  105. Posted by bactrim | October 10, 2012 at 5:45 PM
  106. Posted by Seved1947 | October 12, 2012 at 11:58 AM

    Smoking is not a natural part of the human life cycle, that is unless it is the end of it.

  107. Posted by voltaren | October 12, 2012 at 7:53 PM
  108. Posted by atarax | October 13, 2012 at 2:37 AM
  109. Posted by xenical | October 13, 2012 at 10:45 AM
  110. Posted by pletcherfgm | October 13, 2012 at 10:57 AM
  111. Posted by aciclovir | October 14, 2012 at 11:21 AM
  112. Posted by propecia | October 14, 2012 at 1:29 PM
  113. Posted by singulair | October 14, 2012 at 3:36 PM
  114. Posted by crestor | October 15, 2012 at 1:54 AM
  115. Posted by splpxiki | October 15, 2012 at 3:04 AM

    PHyupw vgwkjtijwcgp, [url=http://hnwzqgylhlhc.com/]hnwzqgylhlhc[/url], [link=http://kvzbrpgmsbxu.com/]kvzbrpgmsbxu[/link], http://ucadofqydhhm.com/

  116. Posted by celebrex | October 15, 2012 at 7:10 AM
  117. Posted by used tires charlotte | October 15, 2012 at 10:14 AM

    I got so bored in the present day afternoon, however when I watched this YouTube funny clip at this blog I turn into fresh and glad too.

  118. Posted by aldactone | October 15, 2012 at 10:10 PM
  119. Posted by plavix | October 16, 2012 at 12:45 AM
  120. Posted by cheap handbags | October 16, 2012 at 5:34 AM

    it is a great post, thank you !
    cheap handbags http://www.cheaphandbagsreplica.com
    cheap handbags

  121. Posted by nexium | October 16, 2012 at 5:56 AM
  122. Posted by hqZyGMeePJhO | October 16, 2012 at 1:49 PM
  123. Posted by MULVsDmAWiVJCQt | October 16, 2012 at 2:07 PM
  124. Posted by RgZUUITikmcc | October 16, 2012 at 3:27 PM
  125. Posted by xZGlvmUYmhLsoXYz | October 16, 2012 at 4:24 PM
  126. Posted by WRDgWuzfIA | October 16, 2012 at 6:41 PM
  127. Posted by IrsmVVQGXnxHDkueR | October 16, 2012 at 7:01 PM
  128. Posted by just click the following article | October 16, 2012 at 10:42 PM

    Howdy would you mind stating which blog platform you’re working with? I’m going to start my own blog in the near future but I’m having a difficult time choosing between BlogEngine/Wordpress/B2evolution and Drupal. The reason I ask is because your layout seems different then most blogs and I’m looking for something unique. P.S Apologies for being off-topic but I had to ask!

  129. Posted by Read This method | October 16, 2012 at 10:54 PM

    I’m really enjoying the theme/design of your website. Do you ever run into any web browser compatibility issues? A couple of my blog visitors have complained about my website not working correctly in Explorer but looks great in Firefox. Do you have any advice to help fix this problem?

  130. Posted by eriacta | October 16, 2012 at 11:09 PM
  131. Posted by resource | December 28, 2012 at 12:32 PM

    I think they should let Matt Levine write their letters for a fee to be determined based on a complex calculation.