Thursday, 22 May 2008 01:00

Why didn't Business Week give me any love???

An interesting and inforamtive article in Business Week on GGP . The only problem is that they failed to mention the world's best blog (that's my blog, for those that needed help with that)!Tongue out For those who have no idea what I am talking about, reference the press release that GGP released in response to my research and Herb Greenberg's article. Here is a listing of my rather extensive research to date on GGP. Be sure to click through all of the links. And from Business Week:

Bucksbaum vows his company will deliver gains, but plenty are skeptical. When critics such as MarketWatch columnist Herb Greenberg raised questions in January about high debt levels, the company lashed out in a press release, insisting it was "absolutely not in any danger" of filing for bankruptcy protection—a prospect that most industry experts agree is far-fetched. Still, just two months later, Standard & Poor's, which, like BW Chicago, is owned by The McGraw-Hill Companies (MHP), downgraded the REIT's credit rating to junk status, warning that borrowing costs could climb. "They are more likely to significantly pare back development," notes S&P Managing Director Lisa Sarajian. Indeed, General Growth has shelved a planned $600 million in developments.

Last modified on Thursday, 22 May 2008 01:00

6 comments

  • Comment Link Reggie Middleton Friday, 23 May 2008 11:06 posted by Reggie Middleton

    I'm pretty much stretched to my limit, now. I will probably expand into consumer discretionary/retail bankruptcy candidates soon, though. GGP is the best short with meat left on the bones.

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  • Comment Link Chris Marshall Friday, 23 May 2008 11:00 posted by Chris Marshall

    Reggie, have you considered expanding your research to cover SPG, TCO Etc?
    I feel that other retail Reits are having problems, but maybe not to the same degree. TCO is worrying, the balance sheet is horrible, and the directors appear to sell their options ASAP (never a good sign). Also during their last Qtr income dropped from around $14m to $8m (figures vague as I'm travelling).

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  • Comment Link David Hot Friday, 23 May 2008 06:53 posted by David Hot

    Reggie, you're one of the best analysts I've found. I check your blog religiously!! Thanks again for all these rich info.

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  • Comment Link jim mcdonald Thursday, 22 May 2008 20:03 posted by jim mcdonald

    reggie as mark twain said from time to time people will run into the truth..but they usually pick themselves up an runaway..guess it hurts their pride to admit an outsider saw it long before they did... many thanks for all your insights

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  • Comment Link Reggie Middleton Thursday, 22 May 2008 11:19 posted by Reggie Middleton

    Those hard and potentially incriminating questions will most likely be launched from a blog lik this. Most brand name media outlest simply won't go there.

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  • Comment Link Gunga Din Thursday, 22 May 2008 11:16 posted by Gunga Din

    I read the article and I learned nothing valuable. Do I care the CEO Bucksbaum cycles with Lance Armstrong? Obviously he interviewed Bucksbaum and he failed to ask any questions about the shaky stock sale.

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