William Ackman acquired at least 25% of all the common shares and controls even more than that through various other entities. He is the one that pushed for the bankruptcy filing, I don't think he'd be doing that if the equity were at risk. He is also the person providing the debtor-in-possession financing to get through the restructuring. His plan from the beginning was to save all the equity which is fairly valued at over $3.00 when the debt is restructured.
In Chapter 11 all the creditors have to approve the restructuring plan. This is likely to happen because none of the creditors want to force liquidation, a situation in which they would all lose big time. You'll notice already that some of the creditors are posting PR's suggesting they will only lose 10% of the amount of their loans to GGP. I think that is a pretty good sign. A little debt relief spread evenly among all creditors and this is a healthy roaring company again.
The bankruptcy filing today is one of the best possible scenarios for shareholders that can wait out three to six months for the process to work.
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