down 4% since re-entering (maybe people don't like the new chairwoman or think it signals a deal isn't near?).
as recent VIC pitch notes, $29 = cash + remaining real estate at a 10 cap, $30 = cash + remaining at an 8.5 cap.
since it sold off by 4% and we now know that $3.50 (11.5% of market cap) will be returned, I would say downside has decreased.
Zell SPAC w/ no warrant dilution/founder's shares, with a multi-billion pile of cash.
downsides: not a SPAC in that no deal approval required, downside is not truly floored at NAV. unlimited time/will just sit and pay G&A unless they do a deal.
if you think there will be interesting opportunities in real estate, but want to outsource to Sam and Equity Group, this seems like very low downside optionality.
buying more.