Hughes Corp. Group Balks At GGP Exit Plan

Law360, New York (April 19, 2010, 2:30 PM EDT) -- A group of stockholders from the former Hughes Corp. has objected to General Growth Properties Inc.'s plan for emerging from Chapter 11 protection by securing equity financing, saying it would transfer an “astounding” amount of money to company insiders.

Representatives for the 475-person group of stockholders — a small portion of whom are heirs of Howard Hughes — filed a motion in the U.S. Bankruptcy Court for the Southern District of New York on Friday, objecting to the confirmation of an investment agreement that GGP proposed...
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