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From Benjamin Spillman of the Las Vegas Review-Journal. I would like to take the time to commend Mr. Spillman for his professionalism in his given vocation. He literally read through each and every page of research that I published on GGP, and that was a minimum of several hundred pages (see GGP and the type of investigative analysis you will not get from your brokerage house,  and GGP Shenanigans: How much value do you place on the credibility of management?). This is not CRE developer or investment specialist, either. He then took the time to contact me several times to make sure he had a firm grasp on what he read, he fact checked my research (too bad he just couldn't take my word for it :-)) and even asked other reporters what their experience has been with me. In other words, he dug deep - very deep, to get the FACTS and then took to the time to both comprehend and verify him. I'm not knocking all journalists, but there are some guys and girls who do not put forth have the investigative effort and research that this man has. Kudos, it is well deserved.
Hedge fund buys up to 20 percent interest in mall giant General Growth Properties


A New York-based hedge fund bought an interest in up to 20 percent of mall giant General Growth Properties for just $9.3 million in cash — a company that had a market capitalization of nearly $9 billion as recently as February...

It’s the first vote of confidence in General Growth in several months, but by itself won’t dig it out from about $900 million in debt that comes due by December on Fashion Show Mall and Shoppes at Palazzo on the Strip.

General Growth Shares have lost more than 98 percent of their value this year and were hovering beneath $1 each until the Pershing announcement boosted them to as high as $2.

Pershing acquired 7.5 percent of General Growth shares for $9.3 million and an interest in another 12.4 percent through, “total-return swaps,” according to Bloomberg.com...

... Brooklyn-based investor Reggie Middleton was one of the first to raise red flags about General Growth’s debt problems, which can be traced back to an $11.3 billion purchase of Rouse Co., in 2004. Middleton said Pershing might have gotten a steal if General Growth management can somehow right the ship andrefinance the debt due Friday plus another $3 billion next year. But Middleton also said if he had the money he would cherry-pick individual malls from the company’s portfolio of about 200 properties in 44 states.

Middleton cited South Street Seaport in New York and the Las Vegas properties as potential winners.

“There are quite a few gems, marquee properties,” Middleton said.