What's going on with General Growth Properties is only a small part of this now global financial crisis we're facing. But the situation has certainly made us reflect.Sure, plenty of people were skeptical of the $13-billion acquisition of the Rouse Co. in 2004, especially with the amount of debt attached to the deal and Rouse's portfolio of master-planned assets, a non-core property type for GGP. But did anyone expect it would come to the resignation of CEO John Bucksbaum and the intention to sell its dazzling Vegas portfolio? Geez. It doesn't seem like all that long ago when this company was at the top of its game. Only last year, Bucksbaum was chairman of the International Council of Shopping Centers, the spokesman for the industry around the globe.So what happens next? An analyst in one article says: "What they need to do is to sell the crown jewels, and with John Bucksbaum in control they were reluctant to do that."But will they find buyers of those high-profile Las Vegas properties, and high-end assets in other markets, in this economic climate? And if so, who is interested?
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