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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Reuters – General Growth Properties Inc GGP.N, the second largest U.S. mall owner, on Thursday filed for bankruptcy protection on Thursday, making it one of the biggest real estate bankruptcies in U.S. history.

Ending months of speculation, the Chicago-based mall owner which listed total assets of $29.557 billion and total debts of $27.294 billion, sought Chapter 11 bankruptcy protection from creditors along with 158 of its more than 200 U.S. malls, while it seeks to restructure some of its debt.

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Struggling General Growth Properties Inc. rallied Tuesday after disclosing an investment from hedge fund manager Pershing Square Capital Management LP. General Growth stock nearly doubled in morning trading.

New York-based Pershing Square Capital bought 20.1 million shares of General Growth Properties stock this month, giving it a 7.5 percent stake in the company. It also has options on an additional 33.4 million shares for a total of a nearly 20 percent stake.

Chicago-based General Growth Properties reported a $15.4 million loss for its latest quarter. It has suspended its shareholder dividend and halted plans for new development. The company, facing a looming deadline for maturing

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