Ackman Did Not Sell General Growth Shares

So I am sitting there at the kids hockey practice Friday afternoon having a blast watching son #1 score some pretty goals and son #2 go "Abu Ghraibe" on a few kids when my blackberry starts going nuts. "Ackman sold GGP shares" were the emails and a few twitter DM's said the same. Buzz kill.....

You see Pershing Square filed its 13F late Friday and General Growth was not listed as a holding....

Here is the story. General Growth Properties (GGWPQ) is no longer classified as a "reportable security" for the purposes of 13F filings by the SEC. Don't ask we why they say it isn't (my guess is because it is in bankruptcy) I make no claim as to being able to discern why the SEC does what it does, it just is...

BUT, as a member of the Board of General Growth, his activity as it relates to the stock would be reportable on a Form 4 filing. Because of that, if/when he does sell/buy actual shares, we will be notified ASAP as Form 4's must be promptly filed....

Interesting note his being back in McDonalds (MCD)....

Here is the filing:

pers2q09

Comments

[gta:]

dear todd, you don't know if he did not sell GGP for sure.

there is a very high probability that he sold GGP equity. And bought GGP debt....

i think Ackman sold his entire position in GGP and swapped it for DEBT!!!!! that is the most sensible explanation.

i think GGP is going back down under $1.00 this week, when the news comes out... ACKMAN is out for himself here...

Aug 16 03:42 PM

[Brian McMorris:]

If GGP is down under $1 sometime this week, I am loading up! But, it ain't going to happen!! If you read the research on GGP by Todd, myself and others, the GGP story is not just about Bill Ackman. The story stands on its own. GGP has received many favorable rulings from Judge Gropper and GGP's lendors are beginning to renegotiate mortgages so that GGP is not in default. GGP always has had good cash flow / FFO and its ops are performing, even in a soft economy. This is proven by its SEC filings and is not in question. And where is the evidence that Pershing has swapped equity for debt? That would require a filing.

In any case, Todd is absolutely correct. As a director and SEC-defined "insider", Ackman, will have to file a Form 4 and disclose purchases or sales of GGP.

Aug 17 09:01 AM