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Bill Ackman’s Pershing Square Capital Management LP has sold its warrants representing the right to acquire 18.4 million shares of General Growth Properties Inc (NYSE:GGP) to affiliates of Brookfield Asset Management Inc (NYSE:BAM) for about $272 million. Brookfield has offered GGP’s board the opportunity to acquire, within the next 30 days, the same warrants at the same price paid by Brookfield. Pershing Square undertakes not to engage in transactions in GGP that would require reporting under item 4 of schedule 13D for a period of four years.
Dunkin’ Brands’ (NASDAQ:DNKN) plea for dismissal of a class-action suit against it on the grounds it was time-barred under the statute of limitations has been shot down by New Jersey Superior Court Judge Mathias Rodriguez on Dec. 21. The suit has been filed against Dunkin Brands by certain Afro American and Indian American franchisees who allege the company allotted them undesirable locations on the basis of their race. The judge “rejected Dunkin’s dismissal argument on the basis that the complaint made highly specific allegations of discrimination and that the statute-of-limitations argument was premature,” said plaintiff attorney Jerry Marks.
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Bank of America (NYSE:BAC) Chief Executive Brian Moynihan has reasons to be upbeat on his bank after it achieved the distinction of being the first among the larger Wall Street banks to exceed new international capital base requirements. Not only that, Bank of America was the best performer in the DJIA during 2012 when the stock more than doubled. Moynihan is now seeking to boost the bank’s mortgage lending and is confident it will overtake JP Morgan Chase (NYSE:JPM) in the consumer mortgage lending business within the next six months, says the Financial Times. Corporate lending is also in focus with bankers being advised to be more aggressive while lending to corporates. Settling outstanding lawsuits is another thrust area, provided they are put away at a reasonable basis for shareholders. Could the bank start returning capital to shareholders any time soon? “The minute I get approval from the Fed, you’ll know,” says Moynihan.
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