Last week the judge put the final stamp on the GGP emergence from chapter 11. GGP is slated for emergence from chapter 11 on November 8th. The new GGP shares start trading on the market on November 2nd. Also, Howard Hughes Corp (love that name) has filed for an application to trade on the NYSE.
Also, GGP seems to have found their new CEO. Sandeep Mathrani from Vornado looks like our guy. For GGP, there are two major events that I’m looking forward to for the rest of this year. The Nov 8th emergence and the 45 days from emergence to raise capital. Once the company emerges from chapter 11, I expected high volume and huge demand for the shares. This should push up the share price. GGP also has 45 days to raise capital so it can cancel the shares offered to BAM/Pershing/Fairholme. Given the demand for GGP shares, the only question is at what price they raise capital.
The wait for the Nov 8th emergence has been worth it. We still have some very interesting 1-2 months ahead of us.