I covered half my $CBL short.  I wasn't trying to manipulate the market or anything with my posts.  I still believe in the thesis the same as before.  I just know that I put a target on my back by talking about that publicly and want to lower the risk solely for that reason.

The way I value CBL is that the holdco properties basketed together under the same single debt obligation are just worth $0.  So are all the negative or barely positive cash flow ones.  And even many of the positive cash flow properties have a very real depreciation expense, where cash flow isn't even right to think about at all.  Some individual properties are worth something, but the remaining tiny company isn't worth much or really is a viable business anymore.  Certainly not $900 million.  And since management is trying to save the holdco properties, they basically know it, too.  So they're throwing some small amount of good money after bad.  I guess that's good for their jobs.

Zooming out, who outside the stock market thinks, "I want to bet on shitty malls making a comeback, or at least stop declining!"  Basically nobody.  Because that's crazy.  I guess it's possible - but it's a crappy bet.  And outside "I'm a value investor" land nobody wants to make that bet.

I don't even know why I talked about this short publicly.  Whoops.  Should avoid doing that if I'm still holding a real position size.  Probably just because I had talked about a few other completed shorts recently.