GGP Defaults On Yet Another Issue

Just end the charade already... Holders of GGP's 3.625% bonds today did not, much to their lack of surprise, end up with a mysterious $395 million wire transfer in their accounts. They now have the option of forcing the company to file for bankruptcy (yes, yes, 30 day grace period and all). Meanwhile, the forbearance deadline, which passed at 5 PM today, and whose results are being tabulated as I type should make for some fairly interesting news either tonight or at worst tomorrow morning. And although I disagree with Ackman that there is necessarily incremental equity value in the organization upon a filing, it is about time the company did the right thing and pulled the plug, allowing bondholders to determine its fate from this moment on.