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GGP Presentation-Ackman-Ira Sohn Conf-5!27!09 (2)

GGP Presentation-Ackman-Ira Sohn Conf-5!27!09 (2)

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Published by: zerohedge on Jun 01, 2009
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05/11/2014

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In the case of Tillv. SCS Credit Corp. (2004), the U.S. Supreme
Court established a precedent upon which to adjust interest rates in
the bankruptcy context:

If an “efficient”market exists for the debt, then the
court may apply the “market rate,”which is the rate
that the market will bear for the proposed loan

Absent an efficient market, the court is to apply a
“formula approach”involving setting the rate at the
prevailing prime rate plus a “risk adjustment”rate
generally between 1% and 3%

GGP falls
into this
category

If There is an Efficient Market:

Absent an Efficient Market:

42

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