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GGP - we're not dead yet!

[Cue Spamalot music.]

No news as of now on refinancing or a loan extension (Friday deadline's looming) or a BK filing for GGP. What we do know is this:

Alby Gallun reports that Fidelity Investments and affiliates own 13.% of the company, which means mutual funds and investors are gonna take a huge hit. The expectation on the street is an extension of some sort that will just delay the inevitable given the amount of loans coming due in 2009.

But, but, but...today we get news that Bill Ackman's Pershing Square Capital has bought 7.5% of the company on the cheap, paying prices ranging from $0.35-$0.51 a share. (H/T Traffic Court.) GGP is trading at $1.90 as I type, or up 90%.

Hmmm. What's the real scoop here? Are there other investors lurking about too that haven't gotten to the reporting threshold? It could be short-term gain but I really doubt it. Someone's seeing value here. Could the company make it? I sure hope so.