The closing took place shortly after Simon's motion to stay thetransfer to Triple Five was denied both by the Federal DistrictCourt and the Federal Appellate Court. Simon reiterated itsdisagreement with the court's opinion and its order forcing thesale of Simon's partnership interest in Mall of America. The retailgroup has appealed the order to the Eighth Circuit Court of Appealsand says in a statement that it "will continue to vigorously pursuethat process."

Nader Ghermezian, the head of Triple Five, is making plans forhow his firm will realize its "original vision for the Mall ofAmerica to make it the Eighth Wonder of the World." Triple Fivecame up with the concept for Mall of America and he says planningis under way to expand other mixed-use components to more thandouble its size to more than nine million sf.

Although the judge's order replaces Simon with Triple Five asmanaging general partner of the mall, Simon will continue to manageMall of America through its subsidiary management company under theterms of its existing contract. Indianapolis-based Simon, thelargest mall operator in the US, has not recorded a contribution tonet income and funds from operations for Mall of America since thecourt's decision in September 2003, and will not recognize anadditional gain or loss from the forced sale.