General Growth Properties

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.

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.