Wednesday, December 10, 2008

First National Express, now General Growth Properties

Dark Days for Mall Dynasty Built on Debt

Two board members of General Growth Properties Inc. marched into CEO John Bucksbaum's office to deliver a blunt message: It was time for him to resign. An internal investigation showed that Mr. Bucksbaum's family trust had violated company policy by making private loans to two company officers and failing to inform the board. The departure of Mr. Bucksbaum -- whose father and uncle founded the giant mall owner 54 years ago -- would mark an end to the family's management control of the company. General Growth's stock has plunged more than 97% in the past year, dragging down the Bucksbaum family fortunes with it. The Bucksbaums' 25% ownership stake, worth $3.2 billion just six months ago, is now worth $116 million.

Posted by lvmreader @ 01:58 PM (557 views)
Please complete the required fields.



Add a comment

  • Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
  • Please note that any viewpoints published here as comments are user´s views and not the views of HousePriceCrash.co.uk.
  • Please adhere to the Guidelines

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>