. "We currently have approximately $1.179 billion of past due debt and approximately $4.09 billion of debt that could be accelerated. However, our lenders have not yet exercised any of their remedy rights with respect to such debt. In addition, we have an additional $1.44 billion of consolidated mortgage debt and approximately $595 million of unsecured bonds scheduled to mature in the balance of 2009 that remains to be refinanced, repaid or extended. In the event that we are unable to extend or refinance our near and intermediate term loan maturities, we may be required to seek legal protection from our creditors. "
Excerpt from 2008 Annual Report of...The Company currently has an ownership interest in, or management responsibility for, more than 200 regional shopping malls in 44 states, including Baltimore's Harbor Place, as well as ownership in master planned community developments and commercial office buildings. The Company portfolio totals approximately 200 million square feet of retail space and includes over 24,000 retail stores nationwide.
It's stock has fallen 98% and is now a penny stock in danger of being de-listed from the NYSE.
The almost assured collapse of this Giant will send a Tsunami throughout the commercial real estate world, the insurance world which are huge investors in CRMBS,
or commercial real estate backed securities; banks and brokerage houses and the greater world economy.
The stock market will crash below 6,000 and gold and silver will soar on massive new "bailouts" before summer, we predict if this bankruptcy occurs.
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