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


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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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