Saturday, 23 May 2015
Last updated 18 hours ago
May 4 2010 | 12:21pm ET
William Ackman will have to wait a few more days to see if he’ll win the battle for mall operator General Growth Properties.
A $2.63 billion restructuring plan for the bankrupt company, led by Brookfield Asset Management and backed by Pershing Square Capital Management and Fairholme Capital Management, has been accepted by General Growth. But the company postponed a court hearing to approve the Brookfield bid, scheduled for today, after a competing bidder, Simon Property Group, offered to buy the whole company.
Simon, a rival mall owner, has bid $5.8 billion for General Growth after its own restructuring offer, backed by the Blackstone Group, was rejected. General Growth said it was reviewing the proposal.
Under Simon’s new deal, it would pay General Growth’s unsecured debtholders—of which Fairholme is the largest—in cash, as well as assume General Growth’s mortgage and other property debt.
Pershing Square is the largest equity holder in General Growth.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…