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General Growth Properties, Inc Message Board

  • hawkstang hawkstang Jul 26, 2010 1:19 PM Flag

    SPG is never far away

    There is no question in my mind that David Simon would still pay the highest price to buy these assets.

    There is also no question in my mind that as we speak today, John Bucksbaum and the GGP Management team will not let that happen and they are supported in that position by Ackman and Berkowitz.

    As long as that support remains, SPG is on the outside looking in.

    However, SPG will be in the mall business forever. Ackman and Berkowitz are only here because they beleive there is an opportunity for them to make money. As long as they beleive that, they will stay.
    Once they begin to change their opinion, they will be gone, and they will sell out to the highest bidder (and guess who will be sitting there waiting).

    I don't expect anything to happen with these Hedgies until the Company is out of BK, the split between GGP/GGO is complete and the business operations are stable. That may not be until 2Q2011.

    At that time if the stock price has not improved or the short term outlook is not good, these Hedgies could begin to lose patience with the Management Team and rethink their positions.

    I am NOT saying that this will happen. I am only saying it could happen. (Especially if our economy goes into a double dip this fall and retail spending goes in the ash can).

    SPG is a long term mall player.
    Ack and Berkie are short term Opportunistic investors.
    The status quo will not remain for a long time. The mall business is a mature business and once GGP stabilzes, there isn't much sizzle left for Hedge funds.


    SPG may be out of the game for now, but that could change down the road.

    Enjoy the ride, it has been and will be fun!

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GGP
24.08+0.14(+0.58%)Jul 22 4:00 PMEDT

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