Harry, I used to have Horsham but I sold it because it was dead money. That is, HSM had a value of about 48 but was trading at 18 or less. HSM is run by Peter Munk who has been called a little Buffett. HSM had 20% of Barrick Gold, owns Clark Refining, developed a mall of some kind in Berlin and bought Trizec at $.50 on the dollar. Munk owned 1/2 of it. Apparently, Trizec has a lot of real estate -office buildings- in LA. It is a great asset play, but whats going to cause the assets to surface.
I have no feel for the options other than the affect of gold. Although HSM has great underlying assets, its price mirrored Barrick. Munk had planned to sell the Berlin deal. He also was trying to sell Clark, or spin it off, but the market dropped and he gave up on it.
HSM has great value and I think if office buildings recover,you'll be in good shape with the common. As I recall, Trizec has alot in Canada but I remember the LA connection. There is something else but I can't remember at the moment. If I remember. I'll post it.
Ali |
