Ackman says GGP is "at least" 3 billion dollars in assets over liabilities. They have defaulted but the banks aren't calling them on it because the banks might not want a chap 11. This way they control the situation, not a judge.
If the credit markets get good news from the Government this week with all the briefings taking place, banks could start freeing up lending and hopefully GGP locks a property sale or two.
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