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General Growth Properties


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I was wondering if anyone has been following the General Growth proceedings.  I have been following however I am pretty limited in the sense that I am not firmiliar with how the bankruptcy system works.


With the Pershing and Fairholme injection at $15 for the combination of enties, how would one figure out the downside?  For instance paying the current pps of $14.75 is my downside the $9 that Simon had offered or since the $15 has come into play by Ackamn would like be the new downside and thereore it turns into an arb play? (15-14.75)  Any clarity to this situation would be extremely helpful.





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