Elliott, Paulson May Bid For Bankrupt Mall Co.

Mar 23 2010 | 3:32am ET

A pair of prominent hedge funds may seek to push out another pair of prominent hedge funds in the ongoing battle for the future of mall operator General Growth Properties.

Elliott Associates and Paulson & Co. have held talks with General Growth, which is seeking the exit bankruptcy. Under the plan, the two hedge funds would join a restructuring bid led by Brookfield Asset Management, Bloomberg News reports.

Brookfield, which is proposing a $2.63 billion investment in General Growth, is already paired with two other hedge funds, Pershing Square Capital Management and Fairholme Capital Management. The former is General Growth’s largest shareholder, the latter its biggest unsecured creditor. Elliott itself is also a major shareholder and creditor of the company.

It is unclear whether Elliott and Paulson plan to try to push out the other hedge funds or join them. They could also be joined by other hedge funds; Bloomberg cited Luxor Capital Group as a potential partner.


In Depth

Q&A: Decathlon Capital On Revenue-Based Alternative Lending

Oct 30 2017 | 3:49pm ET

The explosion in private credit activity since the end of the financial crisis is...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Saxby: Not All EBITDA Is Created Equal

Nov 30 2017 | 8:02pm ET

Record levels of dry powder are driving competition among private equity firms to...