I think if you put all the posts together you get a consensus that SPG (and it's band of thieves) can justify a buy-out price somewhere in the mid 20's.
In addition, to the economic reasons presented in these many posts there are many qualitative reasons why buyers like SPG/Westfield/VNO perhaps TCO who has expressed interest would want to participate in a club deal.
There are those warrants which will line the pockets of the Hedgies (like there is room in those pockets for more of our cash) that need to be factored in, but I do beleive we are moving to the point where the Predator Club offers somewhere between $20-$25 per share and then it is up to the Board as to whether they take it or not. I don't think the BAM/GGP Team increases their bid beyond where it is now.
Of course all can be thrown into chaos if Unibail and/or CIC show up with some real interest.