Where are they now??? As advertised!!

Wasn't it just a couple of days ago, that the journalists were breathlessly telling us that Lennar was selling land for .40 cents on the dollar? They probably didn't read what I said Sunday night:

Lennar blew out $525 million worth of land to Morgan Stanley. It was on the books for $1.3 billion. So look for reports that land is selling at 40 cents on the dollar. But is it? It's not.

Lennar will get about $250-300 million back from the Feds from taxes. So split the difference and add $275 million to the $525 million and you are up to $800 million. Lennar participates in the upside, and receives a property management fee. And they have a 20% interest in the venture. Even at the discounted sale rate of $525 million, that equates to $105 million. Now Lennar is up to $905 million, or .70 cents on the dollar. The shorts won't like the math, but Wall Street will. They've bought themselves time, cleaned up the balance sheet, and they have a partner with deep pockets.
http://aaronandmoses.blogspot.com/2007/12/lennar-sells-some-lots.html

If you listened to them, you made nothing. The stock today is at $18.22 up $1.97 on the day, and up 20% since the low Monday!