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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: patron_anejo_por_favor who wrote (170564)	12/11/2008 1:36:30 PM
From: Cogito Ergo Sum	Respond to of 306849

geez my dad asked me that routinely growing up... and now I find myself asking he same of my teenager :O)

To: patron_anejo_por_favor who wrote (170564)	12/11/2008 1:52:33 PM
From: James Hutton	Respond to of 306849

If the article is right, it sounds more like an ego thing than stupidity.

To: patron_anejo_por_favor who wrote (170564)	12/11/2008 2:42:26 PM
From: MulhollandDrive	Read Replies (1) \| Respond to of 306849

oh i dunno, kinda like sam zell selling his CRE at the top to blackrock then buying dead tree media? <g> anyway, i find the whole ackman/GGP/citi thing pretty intriguing as well....curious that they picked up more shares following ackman's increased stake i noticed that citigroup refused to cooperate with the other investment banks in granting GGP an extension: 2/4/2008 10:30pm General Growth Properties WSJ comments on the company's debt negotiations with Citigroup - WSJ - Citigroup is taking a hard line approach with GGP. - Last week Citigroup canceled a proposed 9-month extension of GGP's payment deadline on $900M in debts by witholding its approval and demanding a concession on a different loan in return. - Citigroup would not agree to the 9-month extension unless GGP made a change to an unrelated $2.6B unsecured term loan and credit line that the company obtained in Feb of 2006. - According to sources, Citigroup's share of the $2.6B loan is more than $100M - The $900M loan is backed by two of GGP's malls in Las Vegas. - 6 other banks had agreed to the extension, making Citi the lone holdout. - When GGP and Citi could not resolve their issues, the group of banks settled for a two-week extension. - Now if the banks don't approve a further extension by the Dec 12 deadline, they could declare GGP in default on that debt, which could trigger cross defaults on other company debt's and force the company to seek bankruptcy protection - Citigroup disclosed Thursday in a filing that it had bought 14.2M GGP shares (5.3% stake) and that purchase is related to an accumulation of GGP's stock by Pershing Square Capital Managment. - Pershing reported late last month that it had acquired 20.8M GGP shares (7.5% stake) and had lined up swap contracts with Citigroup, Morgan Stanley and UBS to potentially buy more. - Morgan Stanley earlier this week reported that it had bought a 5.1% stake in GGP. - Other banks involved with the GGP Las Vegas loan include Eurohypo AG, Deutsche Bank, Wachovia, Bank of America and Goldman Sachs.