That appears to be the company's reorganization plan: Split the company in two, with a "good company" holding most of the malls and with respectable returns, and a "bad" company, which has much more risk but presumably also more potential for reward. You could also set the bad company for a separate sale, perhaps to someone to has a higher risk tolerance but sees potential in those deals, such as 20-30 malls (including some Simon may want???), raw land, the residential arm and the low-slung Wacker Drive HQ of the company, which could also be a redevelopment project.
Simon is of course peeved. Why? Because it'll have to spend more money. This plan is riskier to the creditors, but it preserves the company, something Simon certainly will not do. As we learn more and I read more, I will write more. Right now? I'm off to lunch and then some quality time with my wife.
Thanks, as always to Jeff Vinzani for the tip.
