|Ramsey, how does this LandSource deal work???|
book value for Landsource was 1.3B, LEN/LNR get 1.32B distribution and 38% of the supposedly 2.6B worth new landsource, so LEN/LNR come out with 2.288B with the deal.
MW put in 900M of cash+land and get 62% of 2.6B (1.61B) worth of new LandSource. So they get 1.61B worth of stuff by putting in 900M...
Who is the sucker here??? The deal seem to be too good to be true. I am guessing MW is the sucker since LEN/LNR both take money off the table. What is your take??