Billionaire investor Carl Icahn is placing a big bet against struggling malls, report says.
Icahn stands to make millions if mall owners are unable to pay off their debts, people familiar with the matter told the Journal. Icahn has placed his bet in recent months and suffered early losses, sources told the publication.His trades have pitted him against Putnam Investments and AllianceBernstein Holding LP, two of the largest money managers, according to the report. Both are more upbeat on their outlook on malls.
Dan McNamara, a principal at MP Securitized Credit Partners, a New York hedge fund, told the Journal it was "the biggest battle in the mortgage bond market today."
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