...GENERAL GROWTH PROPERTIES: TO THE BRINK AND BACK December 6, 2011 Students: Yu (Cherry) Chen, Kevin Connolly, Bill Davis, Stephen Duncan, James Faello, Michael Hazinski, Noah Johnson Faculty Supervisor: Joseph L. Pagliari, Jr. Copyright © 2011 The Real Estate Group at The University of Chicago Booth School of Business All Rights Reserved This case study has been prepared solely for academic purposes. It should not be construed as a judgment about or an endorsement of any particular business matter. Moreover, the information contained herein has been obtained from sources we believe to be reliable; however, we make no representation or warranty as to its accuracy. TABLE OF CONTENTS EXECUTIVE SUMMARY ...................................................................................................... - 1 GENERAL GROWTH BACKGROUND ............................................................................ - 7 2004: A Historic Year for General Growth........................................................................ - 9 2005-2006: Secured Mortgages and Increasing Debt ..................................................... - 16 Simon vs. GGP - Capital Markets Strategy ..................................................................... - 24 IMPACT OF THE CREDIT CRISIS .................................................................................. - 31 GGP Faces Liquidity Challenge .................................................................................
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...I have started to begin to look at things different in the aspects of (i) ethics and (ii) international ethics. I have done consulting work for some companies overseas that I was aware "grease payments" were made to the government, to get an expedited approval; however I was not aware that in the sense of ethics these "grease payments" were frowned upon by the US and considered unethical. I understand now that dealing with international companies these practices are seen as the standard or part of the culture; however, working for a domestic company makes me accountable at a different level. One company that interests me is General Growth Properties (Stock: GGP) traded on the New York Stock Exchange with assets located all over the world. Two TCO's that would make it harder to operate multi-nationally would be (D) Contract Law and (I) International Ethics. GGP is a company that deals with land and shopping mall development. Contract law makes it a bit difficult to operate internationally because GGP has involvement in both Brazil and Turkey. Dealing with different countries and different currencies I can foresee contracts being a bit difficult because the terms of the contract would require force majeure. Force majeure would be the contract inclusions of any sudden changes in the government or in the global political climate. Another factor that could make it more difficult GGP for to operate internationally would be international ethics. Per Jennings' article, "the level of [Brazil's]...
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