The declaration of bankruptcy on Thursday by General Growth Properties Inc. will not affect the $25 million pledge to the Aspen Music Festival and School by company co-founder and Aspen homeowner Matthew Bucksbaum. “The gift is secure,” said Alan Fletcher, president and CEO of AMFS. “No part of it was in GGP stock…”The Bucksbaum stake in the country’s second-largest shopping mall owner was worth around $4.3 billion in March 2007.In December of that year Bucksbaum and his wife Kay happily pledged to give the Music Festival and School $25 million toward the redevelopment of its Castle Creek campus.On Wednesday, according to Reuters, the value of the Bucksbaums’ 69 million shares of stock in GGP was worth $72.45 million.
By Aspen Daily News Staff and Wire Report, April 17, 2009, ADN
See April 16, 2009: :General Growth Mall Titan (Aspen’s Bucksbaum Family) Files Chap 11, WSJ
Mall owner General Growth Properties Inc. sought bankruptcy protection early Thursday in one of the largest real-estate failures in U.S. history, capping a precarious, months-long effort to juggle the crushing $27 billion debt load it shouldered in past acquisition sprees.The long-anticipated Chapter 11 filing might wipe out what remains of the Chicago company’s stock, but it won’t result in mall closures. ..General Growth, which owns and manages more than 200 malls, is the second-largest U.S. mall owner by number of properties behind Simon Property Group Inc.
By Kris Hudson, April 16, 2009 WSJ