Two quick GGP pieces this morning. The first talks about the reorg plan with Brookfield, which stands to make a killing if things go well. Predictably, Simon says: ""General Growth's proposed recapitalization amounts to a risky equity play on the backs of its unsecured creditors." The story also notes that Westfield has also signed an NDA with GGP, meaning it has access to due diligence materials. So now we have the possibility of yet another bid, or a combination of bids.
We can caption the other as Bucksbaum speaks. He blames the BK on the economy and not the Rouse acquisition. And while critics will say that a company should be positioned to weather any kind of storm sometimes that just isn't possible. I don't know who is right about that but I do know that at least this bankruptcy has the possibility of making a lot of people whole.
