Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
TELK...Don't miss the boat
TELK Form 4's filed: http://www.secform4.com/insider-trading/1109196.htm
TELK!
General Growth Settles Lawsuit For $48M, Sees 4Q Gain >GGP
Last update: 1/6/2009 6:58:34 AM
DOW JONES NEWSWIRES
Cash-strapped mall developer General Growth Properties Inc. (GGP) announced a $48 million settlement in a lawsuit against it regarding alleged unfair business practices, nearly half the amount originally awarded the plaintiff in the case more than a year ago.
The move, along with a newly disclosed partnership conversion that boosted shares outstanding by 16%, comes at a time that the nation's second-largest mall owner by number of properties is struggling with a crushing debt load. General Growth is trying to reach a deal with lenders to restructure or postpone payment on $27 billion in debt as large amounts are due in the coming months.
The firm has warned a bankruptcy filing is possible if deals can't be reached.
The settlement with developer Caruso Affiliated Holdings LLC ends a case in which Caruso alleged in a 2004 lawsuit that General Growth intimidated a Cheesecake Factory Inc. (CAKE) restaurant when exploring a lease at a California mall and used unfair business practices against Caruso. A jury awarded Caruso $89.2 million in compensatory and punitive damages in November 2007, decisions appealed by General Growth.
The Glendale Galleria is half-owned by General Growth through a joint venture, which didn't have to make any of the $48 million payment and also will be reimbursed $5.5 million in lawsuit costs by General Growth. The real-estate investment trust is using some cash collateral held as security for the appeal to make the payments.
And because the settlement amount is less than what General Growth is set aside, prior charges will be reversed and result in fourth-quarter funds from operations being boosted by 16 cents a share. The bottom line will be increased by 19 cents.
Meanwhile, an entity called MB Capital Units LLC converted 42.4 million units in GGP LP, the partnership through which General Growth operates, into the same amount of common stock. That will boost shares outstanding to 311.3 million.
Shares of General Growth closed Monday at $1.35 and weren't active premarket. The stock has lost some 95% of its value over the past four months on the REIT's debt concerns.
-By Shirleen Dorman, Dow Jones Newswires; 201-938-2310; shirleen.dorman@dowjones.com
(END) Dow Jones Newswires
January 06, 2009 06:58 ET (11:58 GMT)
GGP In
GNTA holey moley..what's the next major resistance point?
GNTA Wow. Looks REALLY good for tomorrow now...
GNTA getting busy again.
WAMUQ Let's Go
Looking for a HOD break
WAMUQ Rollin!
Nice close today at HOD. Looking bullish for next week IMO.
GLTA
NTII close @ HOD... nice
In some NTII
WAMUQ EOD run let's go
WAMUQ bounce from .028...back to .03
WAMUQ looking for a HOD break here
WAMUQ looking for the 3 break
In some WAMUQ here
People need to learn to be patient
IDMCQ - Here we go after the shake
Well others aren't helping by posting it 18 times.
ouch.
Free posts running out?
back comes IDMCQ
In a lil IDMCQ
TELK getting a few bites
Starting to get some buys :)
TELK New HOD... Rolling back after early dip
TELK Rolling back up now after the early dip :)
TELK small sells drove it down quickly
TELK looking good this AM
TELK looking good AM
+1 :)
In a lil TELK
Thanks man. Merry Christmas!
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=34380158
In on some ANPI. Looks like a good one IMO.
UIS rooollin
UIS rolling
NVD in for a lil
EPIX 1.52 x 1.54 AH wow
In on a lil EPIX