Options Wonderland

[3xBuBu]

Home builders are still sobbering,
Water Tower Place In Financial Straits
One of the crown jewels of the Magnificent Mile retail district is in serious financial trouble.

The owner of the Water Tower Place might have to file for bankruptcy. Chicago-based General Growth Properties is struggling under $24 billion debt and is almost worth nothing, the Chicago Sun-Times reported.

Much of the debt was acquired when General Growth bought out competitor Rouse, and the $24 billion figure is estimated to be exactly the value of the malls the company owns, the Sun-Times reported.
http://www.huffingtonpost.com/2008/11/11/water-tower-place-in-fina_n_142979.html