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Boston Properties: Behind the Wrecking Ball?

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Company halts construction of Manhattan project.

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I'll bite my lip and not comment about the federal government having the cojones to blame creditors for wanting Chrysler -- a company that has been bankrupt forever, as a practical matter -- to actually go into bankruptcy.

Having been in bankruptcy courtrooms for 10 years of my life, mark my words: If Chrysler emerges from bankruptcy in less than a couple of months, it will be because someone from the administration will have strong-armed the presiding judge to run over certain creditors in favor of others.

At that point, the only thing that will separate our market system from the likes of what happened between Putin and Mikhail Khodorkovsky will be that the "evil" creditors won't be sentenced to 27-year jail terms. Measure that when trying to put a multiple on stocks.

  • Akamai's (AKAM) quarter was a non-event; this remains one of the healthiest companies out there in one of the relatively more insulated niches of the economy. But to break out of the $15-25 range, the stock will need a better economy - or delusional enthusiasm.

  • A handful of REITs reported last night, and it will take me some time to sort through them. But the fact that Boston Properties (BXP) halted the construction of a one-million-square-foot office project in Manhattan midstream did jump out of the press release.

  • The Sunpower (SPWRA) secondary was at $22; the stock looks to open this morning at $26.70. Let's not be pigs, Minyans.
Positions in SPWRB, AKAM
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