Power Struggles, Stock Market
GGP takes Idiot Inc’s advice and fires CFO Bernard Freibaum
General Growth Properties has just announced that its $30 million dollar man, Bernard Freibaum, has been replaced as the company’s CFO. This news comes one day after the stock fell apart when the Wall St. Journal reported Freibaum had sold $30 million worth of shares at the 52 week low. Of course, we’d reported on Bernard’s insider trading ten days before The Journal, but who’s counting? Good riddance.
Further reading from: The Sun Times
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Global Investing Roundups Thursday, November 13th, 2008
(Contrarian Profits, 11/13/08)
5. October 2008 at 11:46 am :
nice going guys!
22. October 2008 at 2:16 pm :
[...] Firing its CFO wasn’t enough apparently because GGP’s stock had a nice drop of 37% to close at $3.05. The stock plummeted on fears that the company won’t be able to meet its $4 billion in debt obligations. [...]
27. October 2008 at 10:45 am :
[...] Properties, John Bucksbaum, has been ousted. This move comes just three weeks after GGP’s CFO was forced to resign because of margin calls on his stock. The company is struggling to find investors willing to pony [...]
5. November 2008 at 6:21 pm :
[...] Things just keep getting worse for General Growth Properties. The company’s stock plummeted another 50% today after it posted a $15 million dollar loss for Q3. Shares in the company have lost 90% of their value in the last 3 months. With results like this, it’s no wonder the company got rid of its CEO and CFO. [...]