Despite news of JP Morgan and Goldman Sachs' involvement, BOAS stands firm in its belief that Mills is not a good buy at the moment and would not likely command a great deal of interest. "We continue to believe that a sale of the company is not imminent for the following reasons: 2005 audited financials are not yet available; there remains uncertainty surrounding the potential liability resulting from the SEC inquiry and shareholder lawsuits; and the uncertain outlook for Meadowlands Xanadu."

Meadowlands Xanadu is a proposed 4.7 million-sf entertainment and retail destination in Bergen County, NJ. Mills, however, has targeted Meadowlands Xanadu as one of its projects in the pipeline that would be well positioned to increase shareholder value. BOAS has other ideas about Mills' future. "We believe that partial asset sales are in the cards," the report concludes. "While we don't believe Mills is for sale, the company is still facing a liquidity issue. As such, we believe that Mills has retained these investment banks as advisors to assist in the disposition of joint venture stakes in individual assets within Mills' portfolio." A BOAS spokesperson was unavailable to comment by deadline, while a Mills spokesperson tells GlobeSt.com that the company is not commenting on the matter.

Mills disclosed in January that it would have to restate earnings results for the period between the first quarter of 2000 and the third quarter of 2005, based on an audit that revealed accounting errors. The retail property owner and developer also announced it would institute a new multi-faceted strategy involving its core operations, management staff and internal financial structure in a move to improve operations.