General Growth Properties GGWPQ
The three reasons
- 1
GGP's assets materially exceed liabilities — this is a liquidity bankruptcy, not insolvency
- 2
Simon cap rate implies GGP REIT alone is worth $9-$22/share vs. $1.19 market price
- 3
Historical precedent (Amerco, Alexander's) shows solvent-debtor equity can appreciate 358-456% in Chapter 11
Primary demands
- Extend all secured and unsecured debt maturities by seven years at existing interest rates to enable deleveraging via operating cash flow
- Preserve equity value through a 'fair and equitable' reorganization plan consistent with Bankruptcy Code §1129
- Avoid fire-sale liquidation that would destroy the GGP franchise and depress broader REIT real estate values
- Suspend cash dividend through year-end 2009, then 10% cash / 90% stock to accelerate balance-sheet repair
KPIs cited
Pattern membership
Where this document fits across the library's 12 rhetorical / structural patterns.
Notable slides (8)
Notes
Seminal Ackman long-equity-in-bankruptcy thesis presented a month after GGP's April 2009 Chapter 11 filing. Unusual posture: Pershing Square is not attacking management — they are proposing a reorganization path that preserves the equity residual. Heavy 'Bankruptcy 101' educational content (§1129 cram-down, Till v. SCS Credit Corp, Amerco/Alexander's historical precedents) because the core argument hinges on a legal-structural claim non-specialist investors would miss. Management quotes (Bucksbaum, Freibaum) used supportively to reinforce asset-quality argument, not adversarially. Post-bankruptcy ticker GGWPQ. Visual production is typical Pershing Square house style — clean blue header bar, yellow callout boxes, functional but not editorial-grade; photos of marquee malls (Ala Moana, Grand Canal Shoppes) used as section dividers. Page count 68 includes several deliberately sparse 'idea' slides (pp. 33, 38, 39, 52).