As part of its rebirth from bankruptcy, Chicago's General Growth Properties split itself itself into two companies. General Growth Properties (GGP) will continue as the nation's second largest shopping mall operator, but the company spun-off its portfolio of planned residential communities, many of which GGP acquired when it bought Columbia, Maryland's The Rouse Company in 2004.
Many observers credit the purchase of Rouse as part of the reason for General Growth's bankruptcy because of the huge amount of debt that GGP took on in the transaction.
The name of the GGP spin-off was ever so familiar to those who followed the Rouse-General Growth saga. The new company operates as Howard Hughes Corporation. Hughes was itself purchased by Rouse in 1996 as Rouse expanded its presence in the then-hot Las Vegas market.
And what does this have to do with our book? The personal effects of millionaire aviator Howard Hughes play a background role in Pink Slips and Parting Gifts.