Ackman didn't force default, but I still wonder if, at the end of the day, we all realize that there was some vulture player who picked up the debt real cheap, maybe it's debt that doesn't even mature for some time, and he forces their hand to get paid back early in the bankruptcy process.
The vast majority of GGP malls are performing great, spectacular even. That will not last as more of the retail bankruptcies play out, but I think the debt holders are unlikely to take much of a hit even in a fire sale situation.
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