For any of those not sure Bill Ackman would be able to influence General Growth Properties (GGWPQ) to put forward the most shareholder friendly plan of reorganzation possible, comes this:
GENERAL GROWTH PROPERTIES, INC. today announced the appointment of William A. Ackman to its Board of Directors. Mr. Ackman brings more than 16 years of investment fund manager and advisor experience to the Company.
Mr. Ackman is the founder and managing member of the general partner of Pershing Square Capital Management, L.P., an investment advisor founded in 2003. He is a member of the Board of Dean’s Advisors of Harvard Business School and a Trustee of the Pershing Square Foundation. Pershing Square Capital Management and its affiliates own slightly less than 7.5% of the Company’s outstanding common stock.
“Bill brings an important perspective and creative thinking to our Board at this critical time in the Company’s development of a sustainable long-term capital structure and we look forward to his future contributions to the Company,” said Adam Metz, chief executive officer of General Growth Properties.
GGP Information
For those who do not know, Ackman controls approx. 25% of the outstanding shares of General Growth either directly or through total return swaps. Having him on the Board is fantastic news for those holding shares. It assures mutual alignment.
Disclosure (“none” means no position):Long GGWPQ