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How To Fail At Life, Without Really Trying

April 16th, 2009 by Jason · 3 Comments · fail

goodbyecrappymalls

Surprising absolutely no one, crappy mall operator and abject failure General Growth Properties filed Chapter 11 this morning.  I’ve already gone into how they arrived at this sorry state in an earlier post, which is worth reading if only for the object lessons in what not to do with a company.

3 Comments so far ↓

  • LoLo,Esq. // Apr 16, 2009 at 12:06 pm

    I AM SO SAD ABOUT THIS

  • alyx // Apr 16, 2009 at 12:08 pm

    We’ve been harping on them forevs. I’m still fond of Bill Ackman, Mall Cop, and his plan to keep all his equity in bankruptcy: http://lolfed.com/2009/03/16/where-are-you-filing-the-food-court/

    Also, here’s their list of properies and unsecured creditors. OH NOES, LOLO! LERNER!

    April 16 (Reuters) – The following is a consolidated list
    of top creditors holding the largest unsecured claims against
    General Growth Inc GGP.N, its affiliated debtors and a list
    of its key properties and holdings.

    Regular creditors listed below may be acting as agents for
    other creditors and not exposed to any or all of the amount of
    debt owed.
    INSTITUTION AMOUNT
    —————————————————————
    REGULAR CREDITORS:
    Eurohypo AG $2,589,015,545
    Wilmington Trust FSB (WL.N)* $2,554,654,857
    Bank of New York Mellon Corp (BK.N) $1,445,000,000
    TRADE CREDITORS:
    Pepco Energy Services Inc $1,793,834
    Sephora $1,536,080
    Borders Books & Music $1,414,855
    Aurora Health Care $1,342,730
    Microsoft Licensing GP $1,189,886
    Mandalay Bay Resort & Casino $1,122,208
    Lerner New York Inc $999,816
    * $206,200,000 held with LaSalle Bank National Association
    (Source: Bankruptcy court documents)
    ————————————————————–
    ————————————————————–
    KEY PROPERTIES LOCATION
    ————————————————————–
    * South Street Seaport New York, NY
    * Fanueil Hall Marketplace Boston, MA
    * Bridgewater Commons Bridgewater, NJ
    * Fashion Show Las Vegas
    * The Shoppes at The Palazzo Las Vegas
    * The Grand Canal Shoppes at The Venetian Las Vegas
    * Glendale Galleria Glendale, CA
    * Galleria Dallas Dallas
    * Water Tower Place Chicago
    * Pioneer Place Portland, OR
    * Tysons Galleria McLean, VA
    * Westlake Center Seattle, WA
    * Bayside Marketplace Miami
    * Provo Plaza Provo, UT
    * Ala Moana Center Honolulu
    * Beachwood Place Beachwood, OH
    * Oakbrook Center Oakbrook, IL

  • Jason // Apr 16, 2009 at 12:11 pm

    I sure hope Borders isn’t counting on being paid back by GGP to save them from their looming delisting.

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