In exchange for their capital, I made a commitment to give them the best return possible on their investment. That was my primary obligation. Nothing… - Sam Zell

Find the NOLs, add profitable business subsidiaries, and, ultimately, maximize the value of an asset we didn’t pay anything for in the first place.

There’s a line from an old movie, Wheeler Dealers: “You don’t go wheeling and dealing for the money, you do it for fun. Money’s just a way of keeping score.

Blackstone’s ace in the hole was that it was offering an all-cash deal, as opposed to Vornado’s 40 percent stock. Blackstone was also aggressive about a quick deal closing, promising to close the transaction within two weeks of a scheduled Equity Office shareholders meeting on February 5, while Vornado had to wait a few months for its own shareholders’ vote and for the SEC’s ruling because of the proposed issuance of Vornado stock. A lot can happen in a few months, and I liked the certainty Blackstone was offering.