Struggling General Growth Properties Inc. rallied Tuesday after disclosing an investment from hedge fund manager Pershing Square Capital Management LP. General Growth stock nearly doubled in morning trading.
New York-based Pershing Square Capital bought 20.1 million shares of General Growth Properties stock this month, giving it a 7.5 percent stake in the company. It also has options on an additional 33.4 million shares for a total of a nearly 20 percent stake.
Chicago-based General Growth Properties reported a $15.4 million loss for its latest quarter. It has suspended its shareholder dividend and halted plans for new development. The company, facing a looming deadline for maturing
