Can Analysts Read???
Zelman continued, "Reading between the lines, we have heard in recent months that SPF has focused on selling many of its top land parcels in markets such as California in order to generate cash and pay down debt.
Can anyone tell us what lines IVY ZELLMAN is reading between? We just learned from today's press release that SPF did not pay down any of its revolver debt and only paid off about $20 million of discounted senior debt while drawing down over $150 million of cash.
If it took $150 million of cash to pay down $20 million of debt, where the heck is all the money going from selling off "top land parcels."
Either somebody is lying or Ivy can't read. The choice is yours.