Pershing Square forays further into retail maelstrom

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Will Pershing's historic intervention save General Growth Properties?

By Pete Gallo

Pershing Square Capital Management simply couldn't stop grabbing headlines in April - from its investment chief Bill Ackman publicly floating a national economic recovery plan to his hedge fund's renewal of its proxy war with troubled retailer Target.

But the biggest new development in the Pershing Square portfolio revolved around the hedge fund's historic intervention to save Chicago-based General Growth Properties, the nation's second-largest mall owner, which filed for Chapter 11 protection in mid-April.

It's historic because General Growth Properties' failure represents the largest real estate bankruptcy case in U.S. history. And Securities and Exchange Commission filings