12/10/2008

Pershing Square Capital Management LP, the hedge fund run by William Ackman, has more than doubled its stake in General Growth Properties -- even as the REIT flirts with bankruptcy as it tries to make good on its debt. Last month Ackman acquired a 7.5% stake in General Growth, and he recently entered swap contracts that give the hedge fund a stake equivalent to owning 18.1% of General Growth.

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