Morgan Stanley private incarnation

Another PUBLIC goes PRIVATE SCAM....PONZI SCHEME

Morgan Stanley hasn't said yet if Crescent's top executives will stay with its new, private incarnation.

"...despite four shareholder lawsuits in Tarrant County, Texas, contesting it. "


This spring, Crescent said it intended to sell off its non-office holdings. A deal to sell the whole company to Morgan Stanley came up in May.

Financial adviser Richard Rainwater of Fort Worth, who formerly worked with Texas' wealthy Bass brothers, co-founded Crescent in 1994 with CEO John Goff.
Wednesday, August 1, 2007
REIT with extensive Colo. holdings to be soldDenver Business Journal


Shareholders in Crescent Real Estate Equities Co. of Fort Worth, Texas, OK'd the company's sale on Wednesday to Morgan Stanley for roughly $6 billion.

As of mid-July, Crescent owned 2.5 million square feet of office properties in Colorado and several residential developments in downtown Denver and mountain ski towns.

Nearly 74 percent of holders of Crescent's outstanding shares favored the sale.

The transaction includes a $22.80 per-share offering, valued at $2.3 billion, plus the assumption of $3.1 billion in Crescent debt.

The sale is expected to close Aug. 3, despite four shareholder lawsuits in Tarrant County, Texas, contesting it. Publicly traded Crescent (NYSE: CEI) will merge into an affiliate of New York-based Morgan Stanley's (NYSE: MS) real estate group. The existing Crescent company will cease to operate.

Crescent, a real estate investment trust (REIT), currently has 23 million square feet of office space nationwide, as well as residential and resort holdings.

The Texas company sold its 613-room Marriott City Center hotel in downtown Denver -- one of the metro area's largest hotels -- in a package deal in March. Walton TCC Hotel Investors V LLC bought the Marriott and Crescent's 190-room Park Hyatt Beaver Creek Resort for $550 million.

Crescent's current Denver-area office holdings include:

Johns Manville Plaza -- 675,400 square feet at 717 17th St., Denver, one of downtown Denver's largest office buildings;
707 17th Street (also called MCI Tower) -- 550,805 square feet in downtown Denver;
Regency Plaza One -- 309,862 square feet at 4643 S. Ulster St. in the Denver Tech Center;
Peakview Tower -- 264,149 square feet at 6465 S. Greenwood Plaza Blvd. in Centennial;
44 Cook -- 124,174 square feet at 44 Cook St. in Denver;
55 Madison -- 137,176 square feet at 55 Madison St. in Denver;
The Citadel -- 130,652 square feet at 3200 Cherry Creek South Drive in Denver.
Crescent's Denver residential developments that have not yet sold out include One Riverfront and The Park at One Riverfront. The company has another 310 acres in metro Denver for future housing development, including nearly seven acres downtown.

The Fort Worth company's mountain residential holdings range from Eagle Ranch in Eagle to Three Peaks in Silverthorne and Riverfront Village in Beaver Creek. Crescent has 170 acres for future projects.

This spring, Crescent said it intended to sell off its non-office holdings. A deal to sell the whole company to Morgan Stanley came up in May.

Financial adviser Richard Rainwater of Fort Worth, who formerly worked with Texas' wealthy Bass brothers, co-founded Crescent in 1994 with CEO John Goff.

Rainwater currently sits on company boards, and owns or controls more than 4 percent of the company's shares, according to GlobeSt.com. He also has more than 5 million partnership units. Goff and company president Dennis Alberts recently forfeited their $10.3 million worth of partnership units as part of the Morgan Stanley deal.

Morgan Stanley hasn't said yet if Crescent's top executives will stay with its new, private incarnation.