Blackstone’s “No. 1 focus has been on being our partner if we’re able to buy the company,” Simon said from the Milken Institute Global Conference in Beverly Hills, California. “But I think they are considering whether they want to buy some stock as part of a recap as well.”
The latest recap offer apparently keeps Simon below 20% voting rights. I'm not sure that matters. They would be in the game.
All this bargaining does not mean the sector is out of the woods. The WSJ sort of reminds us of that today in this story of REIT stocks going up even though there is a lot of debt to structure.. GGP is unique in that is has trophy mall assets that can't be easily replicated. So the next move is?