In a Bloomberg interview with Bruce Flatt, he says,
"For example, we took Canary Wharf private. It was $8 Billion dollars to take it private. . . . Not many people have that amount of money to take it private." (timestamp 1:29 http://www.bloomberg.com/news/articles/2016-01-13/brookfield-eyes-blackstone-status-with-private-equity-push?cmpid=yhoo.headline&ref=yfp)
An article in the
Wall Street Journal
called it a
"The Brookfield-Qatar venture launched its hostile takeover in November." (http://www.wsj.com/articles/brookfield-qatar-fund-take-control-of-londons-canary-wharf-1425407733)
Why do they have to keep changing the name of their distressed equity fund?
Is it to make it difficult to follow the paperwork?
When Brookfield's subsidiary went by the name of Tricap they represented on their web site and in SEC filings: (https://www.sec.gov/Archives/edgar/data/1001085/000119907305000640/ex99_1.htm)
"Tricap Restructuring Fund is a
US$350 million specialty fund
established by Brookfield Asset Management
and four institutional investors to
provide a source of patient,
and strategic assistance to companies
with attractive tangible assets and
proven operating history
but experiencing financial or operational difficulty."
But in the Bloomberg article accompanying the video, Bruce Flatt clearly contradicts that.
"We’re owner-operators. We buy businesses we hold for long periods of time. We earn greater multiples of capital. We’re just a little different."
Is 10 months, 10 days supposed to be "long term patient capital?"
Or is that how long it takes to "take a company private" and become the "owner-operator?"
Because that's how long Tricap was with Birch before becoming owner-operator of the $1.6 Billion dollar asset Birch shareholders owned.