And that's what William Ackman and Pershing, and the folks at Fairholme are doing by offering a combined $6.5 billion equity infusion. (Here is the press release.) As major creditors and shareholders, I guess they "value" company at $15 per share, meaning they see even more room on the upside. Of course, for Ackman, who resigned from the Board as a result of this offer, I cannot even count how much coin he stands to make, as he bought at the bottom. I also thought I read that Ackman valued GGP at more than $15 (see this analysis from last month, e.g.)
Who makes the next move? And what will it be?