General Growth emerged from Chapter 11 two years after Pershing Square's investment.

Find the date Pershing Square first invested in General Growth Properties (its initial purchase or disclosed stake) and the date the GGP reorganisation plan became effective and the company emerged from Chapter 11. True: emergence came roughly two years after the investment (about 20–28 months). Mostly true: emergence did happen, but the gap is somewhat outside that window (about 16–20 or 28–32 months), so "2 years" is a loose approximation. Mostly false: emergence happened, but the gap is very different from two years (under 16 or over 32 months). False: GGP did not emerge from Chapter 11 as a reorganised company (for example it was liquidated or sold out of bankruptcy), or Pershing Square did not invest before the emergence.

Set before the research began.

1. E1 united states securities and exchange commission U.S. Securities and Exchange Commission (filing by GGP, Inc., f/k/a General Growth Properties, Inc.) · 28 February 2011

   “On November 9, 2010 (the “Effective Date”), the Plan became effective and the TopCo Debtors consummated their reorganization under Chapter 11 (the “Reorganization”) through a series of transactions contemplated by the Plan and emerged from Chapter 11.”

2. E2 General Growth Properties Exits Biggest REIT Bankruptcy RTTNews · 10 November 2010

   “Mall operator General Growth Properties, Inc. (GGP) emerged Tuesday from Chapter 11 bankruptcy protection after 19 months following the successful completion of the final steps of its financial restructuring”

3. E3 Bill Ackman's Road to Riches Fiscal.ai · 23 November 2024

   “In 2009, during the depths of the great financial crisis, Pershing Square purchased a $60 million position in General Growth Properties which was the 2nd largest shopping mall operator in the US at the time.”

4. E4 lp13d-hhc_chinainv.htm U.S. Securities and Exchange Commission (Schedule 13D filed by China Investment Corporation, Stable Investment Corporation and Best Investment Corporation re The Howard Hughes Corporation)

   “On October 21, 2010, the Bankruptcy Court confirmed the Plan and on November 9, 2010 (the “Closing Date”), the Plan became effective and GGP and the other Debtors emerged from bankruptcy.”

5. E5 Pershing Square Capital Management - Wikipedia Wikipedia

   “On January 9, 2009, the fund disclosed a 7.4% ownership stake in General Growth Properties (GGP) according to documents filed with the SEC,”

6. E6 Why did Ackman reduce his stake in General Growth Properties? Yahoo Finance · 20 December 2013

   “Ackman had made the investment in 2008, when General Growth Properties was coming out of bankruptcy.”

E5 says Pershing Square disclosed a 7.4% stake in GGP on January 9, 2009, and E6 dates the investment to 2008. E1 (an SEC filing) and E4 both say the plan became effective and GGP emerged from Chapter 11 on November 9, 2010. Measured from the 9 January 2009 stake disclosure [E5], emergence on 9 November 2010 [E1][E4] came about 22 months later, which falls inside the 20–28 month window; E6 dates the investment only to 2008 with no month, which could make the gap longer. E2's "19 months" is how long GGP was in bankruptcy, not the time since Pershing's investment.