◆ Contrarian Corpus
Campaigns / Pershing Square → General Growth Properties
Pershing Square vs. General Growth Properties

General Growth Properties · GGWPQ

2 decks published between 2009-05-27 and 2010-05-26 — 157 pages, 157 analysed slides total. Outcome: won.

initial thesis victory lap

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2009-05-27 initial thesis

    2009 05 Pershing Square General Growth Properties First Presentation May 2009

    68pp · full_deck

    GGP filed for liquidity, not insolvency; with assets materially exceeding liabilities, a seven-year debt extension would deliver 10x–25x upside on equity trading at $1.19.

    N 5 V 3 C 3
    ⌂ ◫ ”
  2. 2010-05-26 victory lap

    2010 05 Pershing Square General Growth Properties Second Presentation May 2010

    89pp · conference_presentation

    At $14, GGP implicitly prices spinco GGO at negative $1; PF GGP alone merits ~$15 on Simon's 6.6% peer cap rate, pointing to ~$20 combined intrinsic and ~43% upside by year-end emergence.