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

Debunking Conventional Investment Wisdom

Feb 8 2017 | 3:22pm ET

Due diligence in the hedge fund world has long involved some combination of the...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

iCapital Network: The Trump Effect On Direct Lending

Feb 23 2017 | 4:21pm ET

The arrival of the Trump Administration has raised questions among private debt...

 

From the current issue of