Hughes Heirs Win Claim Appraisal Spat With GGP

Law360, New York (July 22, 2010, 12:18 PM EDT) -- Heirs of billionaire Howard Hughes have won the opportunity to conduct a full-scale valuation process for amounts they believe they are owed by bankrupt General Growth Properties Inc. for interest in Nevada master-planned community Summerlin.

Judge Allan L. Gropper ruled Thursday in the U.S. Bankruptcy Court for the Southern District of New York that the heirs should be permitted to use multiple appraisers to assess amounts owed to them for the sale of the 22,500-acre property, despite the bankrupt shopping mall owner’s concerns that the process...
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