Melvin Simon’s daughter, who’s seeking to remove her stepmother from overseeing a trust that holds her late father Melvin’s
fortune, says a corporate trustee is a better option than brother David Simon or family financial adviser Bruce Jacobson.
Simon Property Group Inc. is suing Bren Simon, the widow of company founder Melvin Simon, over her effort to convert part
of her late husband’s ownership stake in the publicly traded mall giant into common shares or cash.
General Growth Properties, the Chicago mall owner that Indianapolis-based Simon Property Group Inc. is interested in buying, said the company will consider all offers and may sell shares to the public to raise capital.
Wall Street analysts have described the potential sale of Chicago-based General Growth Properties as a “once-in-a-lifetime
opportunity” for a company to make “the deal of the decade” in the shopping-mall business.
The Indianapolis-based shopping mall owner is facing competition for General Growth from Toronto-based Brookfield Asset Management Inc., which also has been buying up General Growth’s debt.
General Growth Properties Inc., the nation’s second-largest shopping mall operator, said lenders have agreed
to restructure about $9.7 billion in debt. The agreements could put a damper on the acquisition aspirations of rival Simon
Property Group Inc.
Simon Property Group Inc. may sell several of its properties in Europe to help raise funds for a possible bid for bankrupt
rival General Growth Properties.
General Growth is the second-largest U.S. mall owner, trailing only Indianapolis-based Simon Property Group, with more than
200 regional malls in 44 states.
Those in the trenches say this won’t be a blockbuster Christmas, but it won’t be horrid, either.
Simon Property Group Inc. reported slightly higher funds from operation for its fiscal third quarter, but FFO fell on a per-share
basis thanks to the company’s issuance of more than 50 million new shares so far this year.
Bren Simon likely will inherit at least one-third of her billionaire husband’s fortune and potentially much more,
wealth managers speculate, based on the legal and tax issues involved in such a large estate.