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)-
Morgan Stanley Gives Up Crescent Properties to Lender Barclays [WSJ]