A week or so ago we posted up hedge fund Hovde Capital's short thesis on General Growth Properties (GGWPQ.PK). Immediately following that, we saw Todd Sullivan over at ValuePlays.net issue a rebuttal. Hedge fund manager Whitney Tilson of T2 Partners also issued a rebuttal. And finally, you now have one of the largest shareholders in Bill Ackman issuing a rebuttal on behalf of his hedge fund Pershing Square Capital Management.

In summary, Ackman has provided a wide range of GGWPQ's equity value based upon fellow REIT valuations. He comes up with a price target of $24-43 per share which excludes the MPC segment of General Growth. He feels that high quality U.S. malls will continue to do well and he even recently laid out an entire presentation on the U.S. mall REIT industry. Ackman and Pershing Square are obviously refuting Hovde's presentation since they have been long the equity and unsecured debt of General Growth since back when the stock was trading below $0.40 per share. You can see Pershing Square's original GGWPQ presentation from when they first entered the name.