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Bankrupt General Growth nears plan filing -sources

March 29, 2010 By vani Leave a Comment

* GGP board meets Monday to give final approval

* Plan backed by Brookfield, Fairholme, Pershing

* GGP to meet creditors, equity committee Tuesday

* Plan filing imminent, could come as soon as Monday

By Paritosh Bansal

NEW YORK, March 28 (Reuters) – General Growth Properties Inc (GGP.N) is getting closer to filing a bankruptcy exit plan, with its board planning to meet on Monday to give final approval to the proposal, sources familiar with the matter said.

The plan, which would have General Growth exit as a stand-alone company, is backed by three large investors — Brookfield Asset Management (BAMa.TO), Fairholme Capital Management and William Ackman’s Pershing Square Capital Management, the sources said on Sunday.

General Growth, the second-largest U.S. mall owner, could file the plan in bankruptcy court as soon as after the close of markets on Monday, the sources said, declining to be named because these discussions are not public. The exact timing has not yet been finalized, though, they added.

Potential suitors are likely eagerly waiting the filing, which would give them further details about the plan. It could prove to be the starting gun for them to jump into the fray with rival bids. [ID:nN24191193]

“It’s kind of a first step,” one of the sources said.

The plan would give General Growth a floor for value and other suitors could come up with rival bids that could ultimately change the outcome, the source added.

Simon Property Group Inc (SPG.N), which had initially made a $10 billion takeover offer for General Growth, is weighing a higher bid. A new offer could see Simon partnering with Blackstone Group (BX.N) and sovereign wealth funds.

Another group of investors including Elliott Management and Paulson & Co is also interested in coming in with an offer to help fund General Growth’s exit from bankruptcy.

That group has spoken with General Growth, but has not given anything concrete to the mall owner yet, the source said.

General Growth has also set meetings with its creditors’ committee and equity committee for Tuesday morning, the source said.

The broad terms of General Growth’s plan will be similar to offers that have already been announced, the sources said.

Brookfield has offered to invest $2.63 billion to bankroll an independent exit for General Growth, while Ackman and Fairholme are investing another $3.93 billion alongside Brookfield.

It would also give out warrants to buy 120 million shares to the plan’s backers, which if approved would make a rival bid more expensive.

A General Growth spokesman could not be reached immediately on Sunday night for comment. (For more M&A news and our DealZone blog, go to www.reuters.com/deals) (Editing by Marguerita Choy)

Filed Under: International News Tagged With: Bankruptcy Court, Bansal, Blackstone Group, Brookfield Asset Management, exact timing, Exit Plan, Fairholme Capital Management, General Growth Properties, General Growth Properties Inc, Mergers Acquisitions, Paritosh, Pershing Square, Pershing Square Capital, Pershing Square Capital Management, reuters, Rival Bids, Simon Property, Simon Property Group, Simon Property Group Inc, William Ackman

Giant volcanic eruption 260 mln yrs ago may have caused global mass extinction

May 29, 2009 By admin Leave a Comment

Washington, May 29 (ANI): Scientists at the University of Leeds in the UK have uncovered a previously unknown giant volcanic eruption that led to global mass extinction 260 million years ago.

The eruption in the Emeishan province of south-west China unleashed around half a million cubic kilometers of lava, covering an area 5 times the size of Wales, and wiping out marine life around the world.

Unusually, scientists were able to pinpoint the exact timing of the eruption and directly link it to a mass extinction event in the study.

This is because the eruptions occurred in a shallow sea, meaning that the lava appears today as a distinctive layer of igneous rock sandwiched between layers of sedimentary rock containing easily datable fossilized marine life.

The layer of fossilized rock directly after the eruption shows mass extinction of different life forms, clearly linking the onset of the eruptions with a major environmental catastrophe.

The global effect of the eruption is also due to the proximity of the volcano to a shallow sea.

The collision of fast flowing lava with shallow sea water caused a violent explosion at the start of the eruptions – throwing huge quantities of sulphur dioxide into the stratosphere.

“When fast flowing, low viscosity magma meets shallow sea, it’s like throwing water into a chip pan – there’s spectacular explosion producing gigantic clouds of steam,” explained Professor Paul Wignall, a paleontologist at the University of Leeds.

The injection of sulphur dioxide into the atmosphere would have lead to massive cloud formation spreading around the world, which cooled the planet and ultimately resulted in a torrent of acid rain.

Scientists estimate from the fossil record that the environmental disaster happened at the start of the eruption.

“The abrupt extinction of marine life we can clearly see in the fossil record firmly links giant volcanic eruptions with global environmental catastrophe, a correlation that has often been controversial,” said Professor Wignall. (ANI)

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Brown’s messiah moment with Obama buried under heap of snow in DC!

March 5, 2009 By admin Leave a Comment

Washington, Mar.4 (ANI): British Prime Minister Gordon Brown’s expected ‘Messiah’ moment with US President Barack Obama appeared to buried under snow here on Tuesday.

No sooner had his plane touched down at Andrews Air Force on Monday evening when word was passed to travelling Westminster correspondents that the press conference they’d been told to expect had been called off “because of snow”.

Brown and Obama had their working lunch in the Old Family Dining Room, but the exact timing of it was vague.

The White House press schedule stated: “There will be a pool spray of the meeting.”

In layman’s language, that means a small collection of reporters and perhaps two or three quick questions. That means something very short and ample opportunity to dodge anything difficult.

White House press secretary Robert Gibbs said: “I believe it’s going to be some questions in the Oval”.

President Obama was terribly busy delivering remarks at the Department of Transportation about the American Recovery and Reinvestment Act and also spoke at the Department of Interior’s 160th anniversary.

He also met Defense Secretary Bob Gates and a delegation from the Boy Scouts of America to receive their 2008 Report to the Nation”.

Brown, for all practical purposes, is now getting the same treatment as the President of Uruguay. (ANI)

Filed Under: International News Tagged With: ample opportunity, Barack Obama, bob gates, boy scouts of america, british prime minister, british prime minister gordon brown, defense secretary, department of interior, exact timing, family dining room, Gordon Brown, layman, president of uruguay, press secretary, prime minister gordon brown, reinvestment act, robert gibbs, secretary robert, white house press, working lunch

Bankrupt General Growth nears plan filing -sources

Brown’s messiah moment with Obama buried under heap of snow in DC!

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