Stick a fork in it: General Growth Properties plunges 22% in one day
Elk Grove Promenade developer approaching penny stock status; Time to start death watch? What to do with the Elk Grove Promenade...
https://www.elkgrovenews.net/2008/10/stick-fork-in-it-general-growth.html
Elk Grove Promenade developer approaching penny stock status; Time to start death watch?
What to do with the Elk Grove Promenade?
Yesterday the beleaguered mall developer saw it's price drop 22% to $2.17. The 52 week high was $54.53.
With the construction of the much anticipated sales-tax-generating-machine stalled, the city of Elk Grove's best hope for the strip center is that GGP is bought out either through a takeover or in bankruptcy court. Otherwise this thing will be an albatross on the neck of Elk Grove for years to come.
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3 comments
Have Mr. and Mrs Robert Lent buy the property back! They have the money when they sold it! GREEDY GREEDY PEOPLE!
Obviously, you do not know the origin or history of GGP or the characteristics of tenacity and hard work its founding family possess. Like most of young America, you want instant gratification. Be patient.
These are horrible times, whoever thought a mall was a good idea was WRONG! What was anyone thinking??? What they need to do is level the land where the mall was supposed to be built and use it as farmland once again. Plus who is paying the property taxes on the project! However made a profit from the sale of that property needs to help the city out. If the Lent Family truly are the "Citizens of the Year" they need to help the city that adores them so much!
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