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America Is Still the Best Place to Make Money
There’s never been a better time to be seeking fortune in America.
Right now, we’re in a period of great turbulence. Everything in America is up for sale at "panic liquidation" prices. Each foreclosed property and bankruptcy headline you hear about represents another opportunity to make money.
One man goes bust and another man makes a fortune. It’s the beauty of American capitalism. Assets never die; they just change owners. Take Kirk Kerkorian and Carl Icahn, for example.
Kirk Kerkorian is the majority owner of MGM Mirage, a gigantic casino and hotel company. In Las Vegas, it owns half the casinos on…
22Apr2009 | Stansberry and Associates | 0 comments | ContinuedGeneral Growth Properties GGP Posts Largest Real Estate Bankruptcy in U.S. History
After months of speculation, General Growth Properties Inc. (GGP) filed the biggest real estate bankruptcy in U.S. history, ending a futile seven-month effort to refinance its debt.
General Growth filed for Chapter 11 seeking protection from creditors after it amassed $27 billion in debt accumulating over 200 shopping mall properties. The filing covers 158 of its U.S. malls, but excludes its joint-venture properties and third-party management business.
The Chicago-based company – the country’s second largest shopping mall owner – owns such valuable properties as Fashion Show in Las Vegas and Faneuil Hall Marketplace in Boston. It listed total assets of $29.56 billion…
17Apr2009 | Money Morning | 0 comments | Continued
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