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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. o
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
Page 1 of 13
CUSIP
No. |
370021107 |
13D | Page | 2 |
of | 13 |
1 | NAMES OF REPORTING PERSONS: General Trust Company |
||||||||||
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): |
|||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS): |
||||||||||
(a) þ | |||||||||||
(b) o | |||||||||||
3 | SEC USE ONLY: | ||||||||||
4 | SOURCE OF FUNDS (SEE INSTRUCTIONS): | ||||||||||
BK | |||||||||||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e): | ||||||||||
o | |||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION: | ||||||||||
South Dakota | |||||||||||
7 | SOLE VOTING POWER: | ||||||||||
NUMBER OF | 146,644 | ||||||||||
SHARES | 8 | SHARED VOTING POWER: | |||||||||
BENEFICIALLY | |||||||||||
OWNED BY | 69,498,129* | ||||||||||
EACH | 9 | SOLE DISPOSITIVE POWER: | |||||||||
REPORTING | |||||||||||
PERSON | 146,644 | ||||||||||
WITH | 10 | SHARED DISPOSITIVE POWER: | |||||||||
69,498,129* | |||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: | ||||||||||
69,644,773* | |||||||||||
12 | CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS): | ||||||||||
o | |||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): | ||||||||||
23.9%* | |||||||||||
14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS): | ||||||||||
OO |
CUSIP
No. |
370021107 |
13D | Page | 3 |
of | 13 |
1 | NAMES OF REPORTING PERSONS: M.B. Capital Partners III |
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I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): |
|||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS): |
||||||||||
(a) þ | |||||||||||
(b) o | |||||||||||
3 | SEC USE ONLY: | ||||||||||
4 | SOURCE OF FUNDS (SEE INSTRUCTIONS): | ||||||||||
BK | |||||||||||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e): | ||||||||||
o | |||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION: | ||||||||||
South Dakota | |||||||||||
7 | SOLE VOTING POWER: | ||||||||||
NUMBER OF | 0 | ||||||||||
SHARES | 8 | SHARED VOTING POWER: | |||||||||
BENEFICIALLY | |||||||||||
OWNED BY | 66,731,920* | ||||||||||
EACH | 9 | SOLE DISPOSITIVE POWER: | |||||||||
REPORTING | |||||||||||
PERSON | 0 | ||||||||||
WITH | 10 | SHARED DISPOSITIVE POWER: | |||||||||
66,731,920* | |||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON*: | ||||||||||
66,731,920* | |||||||||||
12 | CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS): | ||||||||||
o | |||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): | ||||||||||
22.9%* | |||||||||||
14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS): | ||||||||||
PN |
CUSIP
No. |
370021107 |
13D | Page | 4 |
of | 13 |
1 | NAMES OF REPORTING PERSONS: M.B. Capital Units L.L.C. |
||||||||||
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): |
|||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS): |
||||||||||
(a) þ | |||||||||||
(b) o | |||||||||||
3 | SEC USE ONLY: | ||||||||||
4 | SOURCE OF FUNDS (SEE INSTRUCTIONS): | ||||||||||
BK | |||||||||||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e): | ||||||||||
o | |||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION: | ||||||||||
Delaware | |||||||||||
7 | SOLE VOTING POWER: | ||||||||||
NUMBER OF | 0 | ||||||||||
SHARES | 8 | SHARED VOTING POWER: | |||||||||
BENEFICIALLY | |||||||||||
OWNED BY | 45,328,918* | ||||||||||
EACH | 9 | SOLE DISPOSITIVE POWER: | |||||||||
REPORTING | |||||||||||
PERSON | 0 | ||||||||||
WITH | 10 | SHARED DISPOSITIVE POWER*: | |||||||||
45,328,918* | |||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: | ||||||||||
45,328,908* | |||||||||||
12 | CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS): | ||||||||||
o | |||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): | ||||||||||
15.6%* | |||||||||||
14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS): | ||||||||||
OO |
CUSIP
No. |
370021107 |
13D | Page | 5 |
of | 13 |
A.
|
General Trust Company | |||
(a) | Name of Person Filing: | General Trust Company (GTC) | ||
(b) | Organization: | GTC is a South Dakota trust company, the executive officers and directors of which are: |
a. | Marshall E. Eisenberg President, Chairman of the Board of Directors and majority stockholder. Mr. Eisenberg is a partner of Neal, Gerber & Eisenberg, LLP, and his business address is Two North LaSalle Street, Chicago, IL 60602. | ||
b. | E. Michael Greaves Vice President, Cashier and Director. | ||
c. | Earl N. Melamed Secretary and Director. Mr. Melamed is a partner of Neal, Gerber & Eisenberg LLP, and his business address is Two North LaSalle Street, Chicago, IL 60602. | ||
d. | Patricia Gessmann Assistant Cashier and Director. Ms. Gessmann is an executive assistant at the Issuer. | ||
e. | Cheryl Hoover Assistant Secretary. Ms. Hoover is an employee of GTC, and her business address is 300 North Dakota Avenue, Sioux Falls, South Dakota, 57104. |
Unless otherwise noted above, the business address for each of the persons listed above is 110 North Wacker Drive, Chicago, Illinois 60606. None of the executive officers and directors of GTC has during the last five years (i) been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. All of the executive officers and directors of GTC are United States citizens. |
CUSIP
No. |
370021107 |
13D | Page | 6 |
of | 13 |
(c) | Principal Business: | Providing trust and financial services to trusts for the benefit of members of the Bucksbaum family, which for the purposes hereof, include the descendants of Martin, Matthew and Maurice Bucksbaum, and other family members. | ||
(d) | Address: | 300 North Dakota Avenue Sioux Falls, South Dakota 57104 |
||
(e) | Prior Criminal Convictions: | None | ||
(f) | Prior Civil Proceedings with Respect to Federal or State Securities Laws: | None | ||
B.
|
M.B. Capital Partners III | |||
(a) | Name of Person Filing: | M.B. Capital Partners III (M.B. Capital) | ||
(b) | Organization: | M.B. Capital is a South Dakota general partnership, the general partners of which are: |
(i) | various trusts for the benefit of members of the Bucksbaum family for which GTC is the trustee (collectively, the GTC Trusts); | ||
(ii) | the Matthew Bucksbaum Revocable Trust, of which Matthew Bucksbaum is the trustee; and | ||
(iii) | General Growth Companies, Inc., a Delaware corporation (GGC), whose sole director and stockholder is Matthew Bucksbaum. The executive officers of GGC (collectively, the GGC Officers) are: |
1. | Matthew Bucksbaum President. | ||
2. | E. Michael Greaves Vice President and Secretary. | ||
3. | Gene Krinn Vice President. | ||
4. | Patricia Gessmann Assistant Secretary. |
The principal business of the GTC Trusts, the Matthew Bucksbaum Revocable Trust and General Growth Companies, Inc. is making investments. | ||||
The business address for all GTC Trusts is 300 North Dakota Avenue, Sioux Falls, South Dakota, 57104. The business address for the Matthew Bucksbaum Revocable Trust, GGC, Matthew Bucksbaum and the other GGC Officers is 110 North Wacker Drive, Chicago, IL 60606. Mr. Bucksbaum is a director and the chairman emeritus of the board of the Issuer. Mr. Krinn is employed by M.B. Investments, LLC, which provides investment advisory services to GTC. |
CUSIP
No. |
370021107 |
13D | Page | 7 |
of | 13 |
None of the general partners of M.B. Capital, Matthew Bucksbaum or the other GGC Officers has during the last five years (i) been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. Each of Matthew Bucksbaum and the other GGC Officers are United States citizens. | ||||
See information above under Item 2A for more information on GTC. | ||||
(c) | Principal Business: | Investing in the Common Stock of the Issuer and the units of limited partnership interest in GGP Limited Partnership. | ||
(d) | Address: | 300 North Dakota Avenue Sioux Falls, South Dakota 57104 |
||
(e) | Prior Criminal Convictions: | None | ||
(f) | Prior Civil Proceedings with Respect to Federal or State Securities Laws: | None | ||
C.
|
M.B. Capital Units L.L.C. | |||
(a) | Name of Person Filing: | M.B. Capital Units L.L.C. (Units L.L.C.) | ||
(b) | Organization: | Units L.L.C. is a Delaware member-managed limited liability company, whose sole member is M.B. Capital. See information above under Item 2B for more information on M.B. Capital. | ||
(c) | Principal Business: | Investing in the Common Stock of the Issuer and the units of limited partnership interest in GGP Limited Partnership. | ||
(d) | Address: | 300 North Dakota Avenue Sioux Falls, South Dakota 57104 |
||
(e) | Prior Criminal Convictions: | None | ||
(f) | Prior Civil Proceedings with Respect to Federal or State Securities Laws: | None |
CUSIP
No. |
370021107 |
13D | Page | 8 |
of | 13 |
(a) | and (b): To the best knowledge of the Reporting Persons, there were 245,583,133 shares of Common Stock outstanding as of August 3, 2007 based on the Issuers Quarterly Report on Form 10-Q for the quarter ended June 30, 2007. The Reporting Persons beneficially own 45,328,908 units of limited partnership interest (the Units) in GGP Limited Partnership which are immediately convertible on a one-for-one basis into shares of Common Stock. Based on the foregoing, and assuming the conversion of the Units into 45,328,908 shares of Common Stock, the 69,644,773 shares reported herein as beneficially owned by the Reporting Persons constitute 23.9% of the outstanding shares of Common Stock and consist of the following: |
(i) | 69,644,773 shares held by GTC, including 45,328,908 shares issuable upon conversions of the Units, or 23.9% of the outstanding shares of Common Stock; | ||
(ii) | 66,731,920 shares held by M.B. Capital, including 45,328,908 shares issuable upon conversion of the Units, or 22.9% of the outstanding shares of Common Stock and | ||
(iii) | 45,328,918 shares held by Units L.L.C., including 45,328,908 shares issuable upon conversion of the Units, or 15.6% of the outstanding shares of Common Stock. |
Pursuant to MB Capitals Second Amended and Restated Agreement of Limited Partnership dated as of August 1, 2007, none of the 10,094,713 Purchased Shares are allocated to GGC and the Matthew Bucksbaum Revocable Trust. See Item 6. | ||
GTC has the sole power to vote or direct the vote of 146,644 shares of Common Stock. GTC, M.B. Capital and Units L.L.C. share the power, upon conversion of the Units, to vote or direct the vote of 45,328,918 shares of Common Stock. GTC and M.B. Capital share the power to vote or direct the vote of 21,403,002 shares of Common Stock. GTC and Matthew Bucksbaum, as co-trustees of a trust for the benefit of certain members of the Bucksbaum family, share the power to vote or direct the vote of 2,766,209 shares. | ||
GTC has the sole power to dispose or direct the disposition of 146,644 shares of Common Stock. GTC, M.B. Capital and Units L.L.C. share the power to dispose or direct the disposition of 45,328,918 shares of Common Stock. GTC and M.B. Capital share the power to dispose or direct the disposition of 21,403,012 shares of Common Stock. GTC and Matthew Bucksbaum, as co-trustees of a trust for the benefit of certain members of the Bucksbaum family share the power to dispose or direct the disposition of 2,766,209 shares. | ||
Except as set forth in this Item 5, as of the date hereof, none of the Reporting Persons, nor to the knowledge of any of the Reporting Persons, any of the persons listed in Item 2 hereof, beneficially owns any shares of Common Stock other than the shares by the Reporting Persons. Matthew Bucksbaum individually owns 1,064,135 shares of Common Stock with the sole power to vote and to dispose of such shares. Mr. Bucksbaum disclaims beneficial ownership of 17,148 shares of Common Stock beneficially owned by Mr. Bucksbaums spouse and 794,125 shares of Common Stock beneficially owned by the Matthew and Carolyn Buckbaum Family Foundation. Marshall Eisenberg owns 25,000 shares of Common Stock with respect to which Mr. Eisenberg has sole power to vote and to dispose of such shares. |
CUSIP
No. |
370021107 |
13D | Page | 9 |
of | 13 |
E. Michael Greaves owns 6,542 shares of Common Stock with respect to which Mr. Greaves has sole power to vote and to dispose of such shares. Patricia Gessmann owns 4,712 shares of Common Stock with respect to which Ms. Gessmann has sole power to vote and to dispose of such shares. | ||
(c) | Except as set forth below, during the last 60 days, no transactions in the Common Stock were effected by the Reporting Persons, other than the following purchases by M.B. Capital: |
Date | No. of Shares | Price | ||||||
8/3/07 |
1,299,945 | $ | 46.94 | |||||
8/6/07 |
579,505 | $ | 47.05 | |||||
8/7/07 |
99,841 | $ | 47.50 | |||||
8/8/07 |
500,000 | $ | 50.11 | |||||
8/9/07 |
720,000 | $ | 50.90 | |||||
8/10/07 |
1,000,000 | $ | 51.03 | |||||
8/13/07 |
1,000,000 | $ | 51.00 | |||||
8/14/07 |
575,000 | $ | 50.22 | |||||
8/15/07 |
1,600,000 | $ | 49.49 | |||||
8/16/07 |
1,303,022 | $ | 48.91 | |||||
8/17/07 |
1,300,000 | $ | 50.27 | |||||
8/20/07 |
117,400 | $ | 51.12 |
(d) | No persons other than the Reporting Persons have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of shares of Common Stock owned by the Reporting Persons. | |
(e) | Not Applicable |
CUSIP
No. |
370021107 |
13D | Page | 10 |
of | 13 |
CUSIP
No. |
370021107 |
13D | Page | 11 |
of | 13 |
Exhibit | Agreement | |
1.
|
Rights Agreement dated July 27, 1993, between Issuer and certain other parties named therein (incorporated by reference to the Issuers Annual Report on Form 10-K for the year ended December 31, 2005 which was filed with the Securities and Exchange Commission (SEC) on March 31, 2006). | |
2.
|
Amendment to Rights Agreement dated as of February 1, 2000, between Issuer and certain other parties named therein (incorporated by reference to the Issuers Annual Report on Form 10-K for the year ended December 31, 2003 which was filed with the SEC on March 12, 2004). | |
3.
|
Form of Registration Rights Agreement dated April 15, 1993, between the Issuer, Martin Bucksbaum, Matthew Bucksbaum and the other parties named therein (incorporated by reference to the Issuers Annual Report on Form 10-K for the year ended December 31, 2005 which was filed with the SEC on March 31, 2006). | |
4.
|
Amendment to Registration Rights Agreement dated February 1, 2000, among Issuer and certain other parties named therein (incorporated by reference to the Issuers Annual Report on Form 10-K for the year ended December 31, 2003 which was filed with the SEC on March 12, 2004). | |
5.
|
Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership dated April 1, 1998 (the LP Agreement) (incorporated by reference to the Issuers Annual Report on Form 10-K for the year ended December 31, 2005 which was filed with the SEC on March 31, 2006). | |
6.
|
First Amendment to the LP Agreement dated as of June 10, 1998 (incorporated by reference to the Issuers Annual Report on Form 10-K for the year ended December 31, 2002 which was filed with the SEC on March 14, 2003). | |
7.
|
Second Amendment to the LP Agreement dated as of June 29, 1998 (incorporated by reference to Issuers Annual Report on Form 10-K for the year ended December 31, 2002 which was filed with the SEC on March 14, 2003). | |
8.
|
Third Amendment to the LP Agreement dated as of February 15, 2002 (incorporated by reference to the Issuers Current Report on Form 8-K dated July 10, 2002 which was filed with the SEC on July 24, 2002). | |
9.
|
Amendment to the LP Agreement dated as of April 24, 2002 (incorporated by reference to the Issuers the Current Report on Form 8-K dated July 10, 2002 which was filed with the SEC on July 24, 2002). | |
10.
|
Fourth Amendment to the LP Agreement dated as of July 10, 2002 (incorporated by reference to the Issuers Current Report on Form 8-K dated July 10, 2002 which as filed with the SEC on July 24, 2002). | |
11.
|
Amendment to the LP Agreement dated as of November 27, 2002 (incorporated by reference to the Issuers the Annual Report on Form 10-K for the year ended December 31, 2002 which was filed with the SEC on March 14, 2003). | |
12.
|
Sixth Amendment to the LP Agreement and Exhibit A to the Amendment dated as of November 20, 2003 (incorporated by reference to the Issuers Annual Report on Form 10-K for the year ended December 31, 2003 which was filed with the SEC on March 12, 2004). | |
CUSIP
No. |
370021107 |
13D | Page | 12 |
of | 13 |
13.
|
Amendment to the LP Agreement and Exhibit A to the Amendment dated as of December 11, 2003 (incorporated by reference to the Issuers Annual Report on Form 10-K for the year ended December 31, 2003 which was filed with the SEC on March 12, 2004). | |
14.
|
Amendment to the LP Agreement dated March 5, 2004 (incorporated by reference to the Issuers Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2004 which was filed with the SEC on May 7, 2004). | |
15.
|
Amendment to the LP Agreement dated November 12, 2004 (incorporated by reference to the Issuers Current Report on Form 8-K/A dated November 12, 2004 which was filed with the SEC on November 18, 2004). | |
16.
|
Amendment to the LP Agreement dated September 30, 2006 (incorporated by reference to the Issuers Annual Report on Form 10-Q for the year ended December 31, 2007 which was filed with the SEC on March 1, 2007). | |
17.
|
Twelfth Amendment to the LP Agreement dated December 31, 2006 (incorporated by reference to the Issuers Annual Report on Form 10-K for the year ended December 31, 2007 which was filed with the SEC on March 1, 2007). | |
18.
|
Amended and Restated Management Limited Partner Agreement dated as of August 20, 2007 by and among Stanley Richards, as Trustee of the Stanley Richards Revocable Trust and M.B. Capital Units L.L.C. (filed herewith). | |
19.
|
Second Amended and Restated Agreement of Partnership of M.B. Capital Partners I II entered into as of August 1, 2007 among the parties thereto (filed herewith). | |
20.
|
Limited Liability Company Agreement of M.B. Capital Units L.L.C. entered into as of August 2, 2007 among the parties thereto (filed herewith). | |
21.
|
Term Loan Agreement, entered into as of November 9, 2004, between Citigroup Global Markets, Inc. and M.B. Capital Partners III (filed herewith). | |
22.
|
First Amendment to Term Loan Agreement, entered into as of August 2, 2007, between Citigroup Global Markets, Inc. and M.B. Capital Partners III (filed herewith). | |
23.
|
Joint Filing Agreement dated as of August 21, 2007 among General Trust Company, M.B. Capital Partners III and M.B. Capital Units L.L.C. (filed herewith). |
CUSIP
No. |
370021107 |
13D | Page | 13 |
of | 13 |
GENERAL TRUST COMPANY |
|||||
By: | /s/ E. Michael Greaves | ||||
Name: | E. Michael Greaves | ||||
Title: | Vice President | ||||
M.B. CAPITAL PARTNERS III |
|||||
By: | General Trust Company, Trustee of MBA Trust, a Partner | ||||
By: | /s/ E. Michael Greaves | ||||
Name: | E. Michael Greaves | ||||
Title: | Vice President | ||||
M.B. CAPITAL UNITS LLC |
|||||
By: | M.B. Capital Partners III, | ||||
its sole member | |||||
By: | General Trust Company, Trustee of MBA Trust, a Partner | ||||
By: | /s/ E. Michael Greaves | ||||
Name: | E. Michael Greaves | ||||
Title: | Vice President | ||||