(GuruFocus, December 17, 2009) Even without the involvement of Bill Ackman, the bankruptcy case of General Growth Properties (GGWPQ) is something worth watching. It tells the story what’s going on with the Commercial Real Estate sector in the US, and how investors in both equity and bond are reacting to it.
Bill Ackman played a very active role before and after the bankruptcy filing and reaped good profit. He discussed his success and opinion towards the company in his September 18, 2009 Letter to Pershing Square Investors:
Recently, presenting at a International Counsel of Shopping Centers (ICSC) conference, Bill Ackman gave a bullish case on the mall REITs.
Ackman’s enthusiasm was challenged by Hover Capital, which provided a bearish case here: Hovde Capital: A Bear Case for General Growth Properties and Mall REITs
What exactly is going on with the company’s operation and financing activities? CNBC interviewed Tom Nolan, President and COO of General Growth Properties, discusses his company's planned exit from Ch. 11, which, according to him, will be in the next year:
Also check out:
Bill Ackman played a very active role before and after the bankruptcy filing and reaped good profit. He discussed his success and opinion towards the company in his September 18, 2009 Letter to Pershing Square Investors:
GGP stock has risen more than12-fold since we first began acquiring our position at 34 cents per share on November 13th, and the unsecured debt we own has increased in value more than three times over the same period. Over the same period, the risks to GGP bondholders and shareholders have been reduced substantially, in our opinion, as the bankruptcy has progressed and as the economy has shown signs that it may be exiting the recession. Despite this progress, GGP is a highly leveraged company and there continues to be substantial uncertainty about the potential outcomes for GGP security holders.
Recently, presenting at a International Counsel of Shopping Centers (ICSC) conference, Bill Ackman gave a bullish case on the mall REITs.
Ackman’s enthusiasm was challenged by Hover Capital, which provided a bearish case here: Hovde Capital: A Bear Case for General Growth Properties and Mall REITs
What exactly is going on with the company’s operation and financing activities? CNBC interviewed Tom Nolan, President and COO of General Growth Properties, discusses his company's planned exit from Ch. 11, which, according to him, will be in the next year:
Also check out:
