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Simon Teams With John Paulson in New Strategy for GGP Bankruptcy Exit


txlaw
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Here's a recent letter from Fairholme:

 

April 22, 2010

 

 

 

          Mr. Adam Metz

 

          Chief Executive Officer

 

          General Growth Properties, Inc.

 

          110 North Wacker Drive

 

          Chicago, Illinois 60606

 

 

 

 

 

 

 

Dear Adam,

 

There have been some rumors about our intentions, so please allow me to reiterate that Fairholme is not willing to invest in GGP if equity ownership is concentrated in the hands of Simon Property Group ("SPG"), passive or not. Our concern is not antitrust or execution risk. We are not experts in those areas. We simply find the value proposition for the public float unsupportable assuming successful execution of anything like the SPG proposal. We continue to support a stand-alone GGP and hope for a long-term relationship.

 

Do not hesitate to call if I can be of assistance.

 

With kind regards,

 

Bruce R. Berkowitz

 

Founder and Managing Member

 

 

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