Very interesting (maybe boring for some), but from this read, $60m 
(that number again) seems that was MM.s money, then this pension 
system, Jan 2007, kicked in $125m (25%). Dan would be the best to 
comment I guess.

http://www.psers.state.pa.us/org/board/resolutions/2007/madison.pdf

Some of their analyis on the economy and commercial vacancy rates from 
today's view, is off.

That coincides with numbers on the commercial side predicting higher 
vacany rates even on commercial spaces. Like MM, I have a client with a 
shopping center half full, current tenants in a panic. They are ready 
to offer one year free rent to get new business in and/or a piece of 
the business.



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