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2nd mortgage crises primed to hit

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There are 7 (or more) in my region that are about to go under! The stores who can pay their leases will still operate.

The company is General Growth Properties Inc. and has $958 million in debt coming due Dec. 1 and $3 billion due next year.
 
General Growth was such a badly run company. Typical situation where the father founded it ran it successfully and the son took over and ran it into the ground. They own a ton of malls, very good malls at that. Even the stores in the Venetian Hotel are owned by GGP.

Anyhow, GGP will not be able to refi, they are pretty much in a liquidation position. Luckily they fired the son who over leveraged them and they are negotiating with lenders. Pretty much they are wiped out though.

Look on the other side though, there will be survivors and they will have the field to themselves. Already I am asking myself where will I buy my cheap tennis shoes? They shut down two of my best stores for that. So whoever stays in biz will do well eventually.
 
They got a two week loan to avoid bankruptcy. . .hmmmm. . .Bet that''ll save them
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http://www.smartbrief.com/news/icsc/storyDetails.jsp?issueid=D8A59EE9-A56B-4A07-A639-F476A8493937&copyid=124A1FEC-3F7D-4622-968B-A9D4FBD45DD2
 
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