for sake of argument, lets say ggp placed 150 of its 200 properties in bk. if during the bk process, all properties placed in bk were "lost", then ggp would have its operating company and some 50 properties left. if ggwpqp "survives" bk and equity is not wiped out but it is diluted and ggwpq files a plan of reorganization which is approved, they will issue "new" stock. however, that does not in itself address the portion of the company which was not placed into bk. i am still of the feeling there could be two classes of stock after bk. one class would represent those properties and the mgmt company which were not placed into bk and the other class would represent the value in those properties which were palced into bk but survived with some value to the shareholders. i suppose that in the plan of reorganization a provision could be made to swap "non-bk entity" shares for those of the new company so that in the end only one class of public stock would be out there, but clearly there are two classes of properties which have to be address. those placed into bk and those which were not. this is why i believe that if everything placed into bk were lost that there would still be value in ggp stock because of those properties which were not part of the bk process. what that value is i don's know but i wouldn't be surprised if it were to be $5.00 or so.
time will tell and no amount of speculation will resolve this. only the plan of reorganization which is approved by the court will finally and permanently address this matter.
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