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Bill Ackman appointed to General Growth board

Reuters – Bill Ackman, founder of the Pershing Square hedge fund, has joined the board of bankrupt shopping mall operator General Growth Properties Inc, where he is a large shareholder.

Ackman is the founder and managing member of the general partner of Pershing Square Capital Management L.P. Pershing and its affiliates own slightly less than 7.5 percent of General Growth’s outstanding common stock, the company said late on Friday.

Ackman has said he could gain 13 times his investment in the company once it is reorganized, calling General Growth "high quality."

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