Stock Vigilante

4/1/2010-Reuters reported Thursday that General Growth Properties (NYSE:GGP) has filed a plan to exit bankruptcy independently and has laid out bidding procedures. The second-largest US mall owner set a two-round bidding process, with the first-round bids due as soon as April 19. The exit plan calls for Brookfield Asset Management (NYSE:BAM), Fairholme Capital Management and William Ackman’s Pershing Square Capital to invest $6.55 billion to bankroll General Growth’s exit. The bankrollers will get a majority interest between them in a reorganized entity and warrants to buy another 120 million shares. GGP valued the warrants at $519 million as of March 30.