COMPANIES Hedge funds and other investors now stand to make billions of dollars from their holdings in bankrupt US mall owner General Growth Properties, underscoring the extent of the recent rebound in financial markets, people familiar with the matter say.
Among the biggest potential winners is William Ackman’s Pershing Square Capital Management, which is sitting on a paper profit of more than $800m on investments in the debt and equity of GGP, according to people familiar with Mr Ackman’s fund. Other investors that stand to make big profits on holdings in the high-profile retail property owner include Centerbridge Partners, Elliott Associates, Goldman Sachs, John Paulson’s Paulson & Co and York Capital, the people said.
