Plumber Joe

General Growth Properties Seems about to Join Its Tenants

Mall occupancy is just a red herring GGP is throwing out there. The real issue is the debt. Fashion Show and Palazzo are recourse and GGP can't refinance and doesn't have the $$ to pay down the loans. If they default and the lender says pay up, GGP has no choice but to go into bankruptcy. Mall occupancy is in 10Q and 10K filings. They can't convert to being a commercial bank because they are not remotely close to being a bank.