This helps explain why General Growth's stock has started to recover in recent days. After hitting an all-time low of $0.24 per share, the stock has gained ground this week. As I write this, it's up to $1.69 per share.
After the close yesterday, Bill Ackman's Pershing Square Capital hedge fund disclosed a 7.5% stake (20,080,690 shares) in embattled REIT General Growth Properties Inc. (NYSE: GGP).
Pershing Square purchased the subject shares and the swaps, for a total consideration of $9,261,789. Tradingreveled with the filing, showed the firm was buying common stock in the $0.35-$0.51 range in November. Shares of GGP closed at $1.00 yesterday, with a 52-week low recently set at $0.24.
In the filing, the hedge fund noted that they expect to conduct discussions from time to time with management or others about the company.