Great American Management
Thesis
Zell mentions acquiring Great American Management, a distressed REIT with $127 million in net operating losses (NOLs), which he believed had significant value that was not reflected in the stock price at the time.
Did it work?
inconclusive
confidence: low
The pitch is a long thesis based on Zell's belief that Great American Management's $127 million in NOLs were undervalued by the market. However, no price performance data is available and the time elapsed is unknown, so there is no way to verify whether the NOL value was ultimately realized in the stock price or whether the position was profitable. Without either price evidence or confirmation that the thesis's core catalyst (recognition of NOL value) occurred, the outcome cannot be judged.