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Created: 11/05/2008 04:57:46 PM - Followers: 40 - Board type: Free - Posts Today: 0

          Beautiful uncancelled certificate from the General Growth Properties issued no later than 1979. This historic document was printed by Jefferies Banknote Company and has an ornate border around it with a vignette of an allegorical man. This item has the signatures of the Company's President and Secretary and is over 30 years old. 

The company was founded by two brothers, Martin and Matthew Bucksbaum, in 1954. That year they opened their first shopping center, Town & Country Shopping Center in Cedar Rapids, Iowa. In 1960 General Management opened its second center, Duck Creek Plaza in Bettendorf, Iowa; this was their first mall to have a department store (Younkers) as an anchor.

In 1970 General Management became General Growth Properties; two years later they became a publicly traded company on the New York Stock Exchange. However, by 1984, management felt that the company's stock price did not fully reflect the value of its business, and so it embarked on selling the company's assets and taking the management company private. That year they sold 19 malls to Equitable Real Estate in an $800 million deal considered the largest single real estate transaction in the United States at that time but continued to manage the malls as part of the deal. Ultimately, shareholders realized a 22% internal rate of return on their investment from the original IPO through 1984. Another initial public offering was held in 1993 to raise money for future expansion plans. In 1995 General Growth moved its headquarters from Des Moines, Iowa, to Chicago.

Since 1993, General Growth has expanded its portfolio dramatically by acquiring existing properties and constructing new malls. On November 12, 2004, General Growth acquired The Rouse Company in the largest retail real estate merger in American history.

As of March 2007, General Growth owns, has an interest in, or manages more than 200 regional malls in 45 states, as well as several Master Planned Communities, including Summerlin in Nevada and The Woodlands and Bridgeland in Houston.



Corporate Homepage:

Institutional Ownership:



Shopping-mall owner General Growth Properties Inc. on Sunday selected as its preferred option for exiting bankruptcy a revised proposal led by Brookfield Asset Management Inc. over a competing offer from rival mall giant Simon Property Group Inc., a person familiar with the matter said.

General Growth Properties

General Growth Properties' Woodlands Mall in The Woodlands, Texas

But the situation is fluid and a few details remain to be ironed out Monday before the deal can be finalized, a separate person familiar with the talks said late Sunday.

The decision by General Growth's board is the latest twist—but perhaps not the final one—in months of competition between the Brookfield group and Simon over which suitor would get the nod to finance General Growth's bankruptcy exit in exchange for much of the company's stock. General Growth, which owns 204 U.S. malls, sought bankruptcy protection in April 2009 to restructure its $27 billion of debt and intends to emerge later this year.

The situation may yet change again, as Simon and other investors that it has recruited are expected to review Brookfield's proposal and perhaps submit another revised bid ahead of a pivotal hearing in the bankruptcy case set for Wednesday. Simon has said it remains interested in acquiring General Growth in its entirety if a deal can be struck.

Still, Simon has pursued General Growth as something of an outsider, given that General Growth has talked with Brookfield about various deals since the months leading up to General Growth's April 2009 bankruptcy filing. Some in the Simon camp have complained General Growth seems determined not to do a deal with Simon because it is a competitor, though Simon's recapitalization offer is better than Brookfield's on some points.

Simon, the largest U.S. mall owner with 321 properties, has pursued General Growth since first suggesting a buyout in an informal meeting with General Growth last August. In February, Simon made a $10 billion buyout offer that General Growth rebuffed in favor of studying other options. Then Simon switched to trying to beat Brookfield's proposal to help finance General Growth's bankruptcy exit as a standalone company.

The Brookfield group, which includes General Growth investors Pershing Square Capital Management LP and Fairholme Capital Management, proposed in early April to provide General Growth with $6.5 billion to pay its unsecured debts in exchange for two-thirds of the company's stock when it exits bankruptcy.

In exchange for its contributions, the Brookfield group required warrants to buy an additional 120 million General Growth shares. The value of those warrants is estimated at $500 million to $900 million.

The Brookfield deal approved Sunday included a few revisions. Brookfield, Pershing and Fairholme will buy General Growth stock at $10.50 rather than the original price of $10, according to a person familiar with the matter.

In addition, some of the warrants will vest over the next seven months. The group will get 60% of the warrants if and when the judge approves the deal, and the remaining 40% will vest between then and Nov. 30.

Simon's effort to undermine Brookfield's offer entails matching it and recruiting other investors, including Paulson & Co., to help it raise billions of dollars for General Growth. Simon proposed last month as its deal clincher that it would forego the warrants, gambling that the Brookfield camp would be unwilling to do so.

Simon also made concessions like pledging to hold its voting stake in General Growth to 10% though it would own 25% of the shares.

Ultimately, Brookfield, Pershing and Fairholme didn't agree to forego the warrants, but they did agree to the higher price for their investment and to slightly delay the vesting of the warrants. That helped sway General Growth's board, which already was concerned about the ramifications of allowing Simon, a chief competitor, to own a large stake in the company.

Brookfield, a Canadian property investor, owns considerable office properties in the U.S. but little retail property, so it isn't a competitor to General Growth.

General Growth now faces a hearing on Wednesday—unless the date is further delayed—in which U.S. Bankruptcy Court Judge Allan Gropper is to determine whether the Brookfield proposal will get "stalking horse" status, making it the bid that others must top. The Brookfield's proposal stipulates that Brookfield, Pershing and Fairholme start getting the warrants as soon as their bid is deemed the stalking horse.

For its part, Simon has said it will drop out of the bidding if it doesn't win stalking-horse status instead of Brookfield. That is partly because, once the Brookfield team gets its warrants, any subsequent acquirer of General Growth would be faced with paying the trio several hundred million dollars to retire those warrants. Thus, any further revised bid by Simon likely would be made prior to the Wednesday hearing.

If Simon drops out, General Growth will proceed with other aspects of the Brookfield plan once Judge Gropper has approved it. That includes arranging to raise more capital by selling additional shares to institutional investors, perhaps including some of those that had joined Simon's bid.

Once General Growth exits bankruptcy, it plans to split into two companies. The larger company, which would retain the General Growth name, will own most of General Growth's malls. That is the company in which the Brookfield group would buy stock for $10.50 a share. The smaller entity would hold riskier assets, such as General Growth's residential-development business and a few malls worth less than their mortgage amounts.

The larger company still would carry nearly all of General Growth's $20 billion of mortgages for which its malls are pledged as collateral. Brookfield also has lined up banks to provide a $1.5 billion loan General Growth was seeking—something Simon had pledged to provide on its own.

Brookfield's earlier proposal stipulated that Brookfield, Fairholme and Pershing were to receive several hundred million new General Growth shares, making them owners of two thirds of the company's stock once it exits bankruptcy. However, the revised price will lower that percentage. The three also would collectively provide up to $250 million to finance the smaller spin-off company.

For General Growth, the dueling Simon and Brookfield offers marked a significant comeback from the company's dire straits of the past two years. General Growth's stock hit a closing low of 33 cents in early March 2009 as bankruptcy loomed.

Then, in recent months, the global capital markets improved and General Growth restructured and extended the due dates of nearly all of its $20 billion of mortgages. The stock steadily rose, closing at a high of $16.80 on March 22 of this year. The stock closed Friday at $15.70.

General Growth's turnaround happened in the charge of two former board members—Adam Metz as chief executive and Thomas Nolan as president and chief operating officer. The two took executive posts in late 2008, ousting former CEO and founding family scion John Bucksbaum after discovering that his family trust had made loans to two General Growth executives without informing the board.

Messrs. Metz and Nolan "deserve a lot of credit," said Alexander Goldfarb, an analyst with Sandler, O'Neill + Partners. "They've turned an almost fatal situation into an incredible turnaround. They did a lot of smart things and got the company into a situation where it has a strong negotiating position."

Write to Kris Hudson at and Mike Spector at


Complete SEC Filings:

GGP in the news:

Pershing Square has 25.6 pct General Growth exposure
Mon Dec 8, 2008 7:49pm EST

NEW YORK, Dec 8 (Reuters) - Hedge fund Pershing Square Capital Management has exposure to 25.6 percent of U.S. mall owner General Growth through stock purchases and a series of swaps with several investment banks, the hedge fund said in a regulatory filing on Monday.

As of Dec. 8, the hedge fund founded by William Ackman, beneficially owns 7.5 percent of General Growth's common stock, or 20,080,690 common shares, Pershing Square said in a filing with the Securities and Exchange Commission.

It also has additional economic exposure to about 48.5 million common shares under certain total return swaps with entities related to BNP Paribas SA (BNPP.PA: Quote, Profile, Research, Stock Buzz), Citigroup Inc's (C.N: Quote, Profile, Research, Stock Buzz) Citibank, Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) and UBS AG (UBSN.VX: Quote, Profile, Research, Stock Buzz), the firm said.

General Growth, which owns more than 200 shopping malls in 44 states, has $1.13 billion in loans due by the end of December and $21.9 billion in debt maturing by the end of 2012.

Last month, General Growth confirmed it hired law firm Sidley Austin as bankruptcy counsel and said it may need bankruptcy protection if it cannot meet debt maturities this year and next.

General Growth Properties Inc.  shares closed down 6 percent, or 10 cents, at $1.55 on the New York Stock Exchange on Monday. Since the beginning of the year, its stock have fallen 96 percent.

The swaps and Pershing's stock bring the fund's total economic exposure to 68,580,690 shares, or 25.6 percent.

In the total return swap, Pershing Square pays financing fees to the banks. If the shares go up, the fund receives the gains, but if shares go down, it assumes the loss.

The derivatives trades gave Pershing Square exposure to shares without owning them outright, so the banks essentially bought the stock on behalf of Pershing Square.

Pershing Square could not buy more than 9.9 percent of General Growth's shares outright without falling afoul of special share ownership rules that REITS typically follow to maintain their special tax-advantaged status. (Editing by Andre Grenon)


Ackman Seeks General Growth Seat, Expects Bankruptcy (Update2)
The Logic Behind Bill Ackman's Purchase of General Growth Properties:

Why Bill Ackman and I Are Buying Into General Growth Properties: 

Bill Ackman
General Growth Properties, Inc. Files for Chapter 11 Protection; Broken Credit Markets Require GGP to Reduce & Restructure Debt



GENERAL GROWTH PROPERTIES, INC. (NYSE:GGP) today announced it is voluntarily seeking relief to reduce and restructure its debts under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. In addition, approximately 158 regional shopping centers owned by GGP and certain other GGP subsidiaries (collectively with GGP, the “Company”) have also filed for protection. The Company intends to work with its constituencies to emerge from bankruptcy as quickly as possible while executing on a plan of reorganization that preserves the Company’s integrated, national business operations.


Certain subsidiaries, including GGP’s third party management business and GGP’s joint ventures, have not filed for protection. A complete list of subsidiaries that have filed voluntary petitions can be found at


All day-to-day operations and business of all of the Company’s shopping centers and other properties will continue as usual.


The decision to pursue reorganization under chapter 11 came after extensive efforts to refinance or extend maturing debt outside of chapter 11. Over many months, the Company has endeavored to negotiate with its unsecured and secured creditors to obtain the time needed to develop a long-term solution to the credit crisis facing the Company. Unable to reach an out-of-court consensus, the Company reluctantly concluded that restructuring under the protection of the bankruptcy court was necessary. During the chapter 11 cases, the Company will continue to explore strategic alternatives and search the markets for available sources of capital. The Company intends to pursue a plan of reorganization that extends mortgage maturities and reduces its corporate debt and overall leverage. This will establish a sustainable, long-term capital structure for the Company.


The Company also announced it has received a commitment for a debtor-in-possession financing facility of approximately $375 million from Pershing Square Capital Management, L.P., as agent. When approved by the bankruptcy court, the new facility will provide a source of funds to the Company during the chapter 11 process. The Company has requested, and expects to receive, additional approvals to give the Company the authority to make payments to ensure that the Company’s shopping centers and other properties continue to operate uninterrupted in the ordinary course of business, including paying employee compensation, certain critical service providers, insurance and other claims. The Company intends to pay all providers of goods and services delivered post-petition.


“Our core business remains sound and is performing well with stable cash flows. We believe that chapter 11 is the best process for restructuring maturing mortgage loans, reducing the Company’s corporate debt, and establishing a sustainable, long-term capital structure for the Company,” said Adam Metz, Chief Executive Officer of the Company. “While we have worked tirelessly in the past several months to address our maturing debts, the collapse of the credit markets has made it impossible for us to refinance maturing debt outside of chapter 11,” he said.


GGP Information/Website

The Company currently has ownership interest in, or management responsibility for, over 200 regional shopping malls in 44 states, as well as ownership in master planned community developments and commercial office buildings. The Company’s portfolio totals approximately 200 million square feet of retail space and includes over 24,000 retail stores nationwide. The Company is listed on the New York Stock Exchange under the symbol GGP.


Media Conference Call

General Growth Properties will host a media conference call to discuss its chapter 11 filing on Thursday, April 16, 2009, at 11:00 a.m. Central Standard Time. Only members of the media may participate in the live conference call by dialing (800) 762-8779 (toll-free domestic) or (480) 629-9770 (international); passcode: 4059520. Please register at least 10 minutes before the conference call begins. A replay of the call will be available for one week via telephone starting approximately one hour after the call ends. The replay can be accessed at (800) 406-7325 (toll-free domestic) or (303) 590-3030 (international); passcode: 4059520.


Satellite Feed Available

A satellite feed of General Growth Properties President and COO Tom Nolan’s comments about today’s filing is accessible for broadcasters at the listed times and coordinates.


Thursday, April 16, 2009, 07:00-07:15 EST (7:00-7:15 a.m. EST)


23 C


4160 Vertical


6.2 6.8


Thursday, April 16, 2009, 14:45-15:00 EST (2:45-3:00 p.m. EST)


Galaxy 28


15 C


4000 Vertical


6.2 6.8



For more information, please visit the Company website at Parties may also obtain more information by visiting the claims agent’s website at or calling the claim agent’s toll free hotline – 1-888-830-4665.


Forward Looking Statements

This press release contains forward-looking statements. Actual results may differ materially from the results suggested by these forward-looking statements, for a number of reasons, including, but not limited to, the impact of our bankruptcy filing, our ability to refinance, extend or repay our near and intermediate term debt, our substantial level of indebtedness and interest rates, retail and credit market conditions, impairments, land sales in the Master Planned Communities segment, the cost and success of development and re-development projects and our ability to successfully manage our strategic and financial review and our liquidity demands. Readers are referred to the documents filed by General Growth Properties, Inc. with the Securities and Exchange Commission, which further identify the important risk factors which could cause actual results to differ materially from the forward-looking statements in this release. The Company disclaims any obligation to update any forward-looking statements.



General Growth Properties, Inc. Shares to Commence Trading on the New York Stock Exchange

General Growth Properties, Inc. (GGP) announced that shares of its common stock will resume trading today on the New York Stock Exchange (NYSE) under the ticker symbol "GGP."

"We are very pleased to again be listed on the world's largest and most liquid trading market," said Adam Metz, Chief Executive Officer of GGP. "Today's listing culminates a successful week for GGP stakeholders during which we also received an important extension of the time we have to exclusively propose a plan for the company to emerge from bankruptcy. We are committed to using the time to continue to explore alternatives in order to provide fair value for our stakeholders.”

In conjunction with today’s NYSE listing, GGP stock has concurrently ceased trading in the over-the-counter Pink Sheet markets, where it used the ticker symbol “GGWPQ.” The seamless transition to the NYSE requires no action on the part of shareholders .



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#3893 I am much heavier in Amazon than GGP...but detearing 03/13/2017 05:34:34 PM
#3892 warren buffets sentiments exactly slob 03/07/2017 10:31:44 PM
#3891 GGP-increased their dividend and "intends to pay a Gaintrader 11/08/2016 11:40:41 AM
#3890 Stocks go up and down...boldly holding seems to detearing 08/19/2016 02:37:49 PM
#3889 I was there..Sure wished I would have held loniee 08/19/2016 10:37:48 AM
#3888 Haven't checked this board in months, yes it Gaintrader 07/07/2016 10:04:57 PM
#3887 Geez it's sure is quite in here. follow_me 06/24/2016 12:50:20 PM
#3886 I suspect that it would be the perfect follow_me 06/24/2016 12:49:38 PM
#3885 We have already witnessed a decline in retail follow_me 06/24/2016 12:47:45 PM
#3884 I wonder how the recent UK Vote to follow_me 06/24/2016 12:45:09 PM
#3883 30 target... detearing 05/24/2016 11:28:12 PM
#3882 Still holding from under a buck...shucks! $$$ detearing 02/16/2015 06:06:31 AM
#3881 Great report.... detearing 01/29/2015 05:27:18 AM
#3880 Not fair to get so rich with so detearing 01/08/2015 10:34:38 PM
#3879 It almost seems unfair to be collecting more Gaintrader 01/08/2015 10:31:17 PM
#3878 When it near 30 cents everyone screaming it detearing 01/08/2015 06:52:48 PM
#3877 Well, we've since got the extra penny in Gaintrader 01/08/2015 04:53:59 PM
#3876 $29.15 it. detearing 01/06/2015 09:09:17 PM
#3875 $28.52 Nuff said! detearing 12/31/2014 03:50:53 AM
#3874 $GGP DD Notes ~ stocktrademan 12/18/2014 10:50:11 AM
#3873 $27.38 great GGP you see...on a Christmas Polar detearing 12/08/2014 11:00:55 PM
#3872 In under a buck? Chup...dats how we do detearing 11/05/2014 05:54:15 PM
#3871 $26.38 Bill should da held! Oh VELL! detearing 11/05/2014 05:52:56 PM
#3870 25 huge...below a buck was accumulating huge so detearing 10/27/2014 09:32:01 PM
#3869 Even better @.33! Now if GGP can break Gaintrader 10/27/2014 08:51:17 PM
#3868 $25 break soon...xmas is coming. .. detearing 10/24/2014 09:03:22 AM
#3867 .32 earnings estimate AH. detearing 10/24/2014 08:40:25 AM
#3866 Good news... detearing 09/30/2014 03:10:26 PM
#3865 GGP one of my big winners...does buy n detearing 09/28/2014 08:35:30 PM
#3864 GGP looking to leg to see with detearing 09/07/2014 05:41:46 PM
#3863 25 going be how naysayers left long detearing 09/05/2014 04:42:39 PM
#3862 Overall markets on mend thanks to Ukraine settling detearing 09/05/2014 04:41:19 PM
#3861 Soooooo close today, break that $25 on Monday...? Gaintrader 09/05/2014 04:22:50 PM
#3860 $25 soon... detearing 09/04/2014 07:27:59 PM
#3859 GGP looking for next leg up... detearing 08/15/2014 10:30:09 PM
#3858 Targets seem reasonable to me...nice call. detearing 08/12/2014 10:18:04 PM
#3857 Sweet this ggp! detearing 08/12/2014 09:31:21 PM
#3856 Today, 8/12/14 "General Growth Properties (NYSE:GGP) declares $0.16/share Gaintrader 08/12/2014 09:28:36 PM
#3855 Hope you held...that was a quite a call... detearing 07/19/2014 08:53:55 AM
#3854 GGP was a winner, eh? Still holding... detearing 07/19/2014 08:52:40 AM
#3853 Bill got more than the three buck fair detearing 07/19/2014 08:50:26 AM
#3852 GGP continuing on a solid upward trend...malls are detearing 06/06/2014 07:33:16 AM
#3851 GGP gaining momentum. detearing 06/02/2014 09:43:48 PM
#3850 Just wanted point out that since Bill sold...ggp detearing 03/16/2014 10:01:32 PM
#3849 Holding up well my brick n mortar stocks detearing 03/14/2014 08:27:44 PM
#3848 I like my bets in brick and mortar detearing 02/27/2014 11:18:28 AM
#3847 True, and the third raise per qtr in Gaintrader 02/27/2014 10:31:16 AM
#3846 Good news on the dividend increase... detearing 02/27/2014 05:31:51 AM
#3845 Great stock long...ah, yeah. detearing 02/18/2014 01:00:37 PM
#3844 GGP will be has been held back detearing 02/11/2014 12:14:28 PM
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