NYTimes:
General Growth Properties Files for Bankruptcy
Update | 6:50 a.m. General Growth Properties, one of the largest mall operators in the nation, filed for bankruptcy early Thursday morning in one of the biggest commercial real estate collapses in United States history.
Despite bargaining for months with its creditors, General Growth faced increasing pressure to handle its more than $25 billion in debt, largely in the form of short-term mortgages that will come due by next year. The company has been severely wounded by the recession, which has wreaked havoc upon the retailers who inhabit its more than 200 malls in 44 states. Many stores have shuttered, depriving mall operators like General Growth of revenue.
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It's all about the debt.

With this and foreclosures being up 24%, I would bet that SRS ends down today.

E. J. DeBartolo, a mall developer/operator of the '70s, was fond of saying that had he delayed his plans until economic conditions were favorable, few if any of his malls would have been built. It's evident he recognized the existence of unfavorable conditions, but arranged his affairs in order to continue working through them.

So it can be done, or could be in the recent past. Why so many large, fragile ventures now?

That took long enough! Who will save the bondholders?

But SPG was upgraded yesterday. I doubt SRS will ever move opposite the financials, so we'll see what happens. A reorganized, less indebted GGP will be able to lowball rents, sell properties on the cheap, and pound the competition.

......When what remains of American free enterprise starts locking up the doors for the final time, a last segment of hope, optimistic energy and mind-set has disappeared.

......When Americans nationwide finally decide to get off the couch and start to demonstrate, changes in the thought-processes have occurred. (The nationwide "tea-bagging exercise)

......When America's "18-49yo's" start wanting actual news instead of Dr. Phil and other mind-numbing "no-think" Hollywood programs - there is change in the air.

http://www.bloomberg.com/apps/news?pid=20601109&sid=aPY4sRZ7ygCQ&refer=home

"......station's late- night news is attracting 65 percent more viewers ages 18 to 49, those most sought by marketers, according to Nielsen Co. data. The morning newscast is up 33 percent [vs. Seinfeld and Access Hollywood]"

.............the now watched pot is finally starting to boil over.....

mal:

You may be right.

However, saw the contractual records and reader files for development and operation of the Altamonte mall near Winter Park, and I can tell you they represent real complexity. Feasibility studies, environmental impact, city/county negotiations, bidding and a host of other parameters all indistinguishable from the same processes now.

So maybe not.

I really think it's a question of competency, and not 'modern' complexity.

"Anyone that relies on the MSM or Right Wing(nut) Radio for their information is clueless."

Absolutely, AngrySaver........THE DIFFERENCE is, they are now starting to realize there is a problem.......

sell into the rally on JPM...

But a major bank declared a profit on massive taxpayer wealth transfer! The system is saved! The men on TV told me, then the woman with them had an orgasm on camera, so I know it's true.

CNBC? Or Fox News?