General Growth Properties Inc. (GGP)

[justthefactsmam]

i either didn't stay up late enough or read deep enough. wasn't aware of ackman's resignation when i posted last evening. while it's obvious that ackman needed to resign if pershing was getting more deeply involved in a new deal structure (remember simon's comments re: conflict over the bam "guarantee" by pershing), this could insert a new level of uncertainty in the equation.

with ackman on the board, pershing could not buy or sell ggp stock at will. he was closely controlled by sec requirements as an insider. with his resignation, pershing can now buy or sell on a moment's notice and ordinary shareholders will not get any heads up. believe there was more stability in the stock with ackman on the board. this move makes me question a long term hold scenario for pershing.

no matter what he does, owning or controlling 25% of the common stock still keeps his interests in line with smaller shareholders. now, more than ever, need to keep watching. if you see the stock price run up to where you think it is fully valued (at this time, not two or three years out) then you should be prepared to lock in your profits.

herd mentality is soon to be out the window. look at your own situation and move accordingly.

still long ggp but watching everything as it evolves.

nice pre-market move this morning, currrently up over $0.50. this should start to shake out any serious bidders. no more simon bs types of bids. fires should be lit under a number of pots, let the stew boil over.