To the Board of Directors of General Growth Properties:
… [eight pages] …
I look forward to speaking further with the Board about the above.
He even cc’s a lawyer.*
The saga here is long and winding; the letter actually explains it well or you could read this Reuters article but in sort-of brief:
- Pershing Square is the second-largest shareholder of GGP, with 7.7% of the company, or 10.2% on Ackman’s somewhat aggressive accounting**
- The largest holder is Brookfield Asset Management, with 38.2% plus warrants for 4% more.
- Pershing and Brookfield got their shares mostly in the process of helping GGP out of bankruptcy, which it was in due to some unpleasantness over some loans, but it’s doing great now thanks for asking.
- But keep in mind: Read more »