Mall Magnate's Estate Could Score $944M In Simon Stock Deal

Law360, New York (September 20, 2012, 8:36 PM EDT) -- Simon Property Group Inc. has struck a deal with the estate of its late founder Melvin Simon, converting 6.5 million limited partnership units into 5.9 million shares of common stock to yield the estate an estimated $944 million in proceeds, the company announced Thursday.

The exchange is part of a litigation settlement between the trust and the company, and results in the Melvin Simon Family Enterprise Trust selling its entire direct ownership of Simon. The agreement also provides the trust's ultimate beneficiaries with liquidated assets, removing...
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