- Amended Statement of Beneficial Ownership (SC 13D/A)
January 07 2009 - 6:03AM
Edgar (US Regulatory)
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
General Growth Properties, Inc.
(Name of Issuer)
Common Stock, $.01 par value per share
(Title of Class of Securities)
370021107
(CUSIP Number)
Marshall E. Eisenberg
Neal, Gerber & Eisenberg LLP
Two North LaSalle Street, Suite 2200
Chicago, Illinois 60602
(312) 269-8000
Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
January 2, 2009
(Date of Event Which Requires Filing of This Statement)
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
¨
.
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 net 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 7
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CUSIP NO. 370021107
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13D
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Page 2 of 7
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1
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NAMES OF REPORTING PERSONS
General Trust Company
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
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(a)
þ
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(b)
o
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS (SEE INSTRUCTIONS)
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BK
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5
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
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o
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
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South Dakota
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7
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SOLE VOTING POWER
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NUMBER OF
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2,919,458
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SHARES
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8
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SHARED VOTING POWER*
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BENEFICIALLY
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OWNED BY
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69,015,823
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EACH
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9
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SOLE DISPOSITIVE POWER
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REPORTING
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PERSON
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2,919,458
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WITH
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10
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SHARED DISPOSITIVE POWER*
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69,015,823
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON*
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71,935,281
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12
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
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o
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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22.9%
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14
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
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OO
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*Includes 2,817,811 shares of common stock, par value $.01 per share, of General Growth Properties, Inc. issuable upon conversion of certain units of limited partnership interest in GGP Limited Partnership.
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CUSIP NO. 370021107
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13D
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Page 3 of 7
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1
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NAMES OF REPORTING PERSONS
M.B. Capital Partners III
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
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(a)
þ
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(b)
o
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS (SEE INSTRUCTIONS)
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BK
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5
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
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o
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
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South Dakota
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7
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SOLE VOTING POWER
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NUMBER OF
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0
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SHARES
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8
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SHARED VOTING POWER*
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BENEFICIALLY
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OWNED BY
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69,015,823
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EACH
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9
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SOLE DISPOSITIVE POWER
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REPORTING
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PERSON
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0
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WITH
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10
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SHARED DISPOSITIVE POWER*
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69,015,823
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON*
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69,015,823
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12
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
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o
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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22%
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14
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
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PN
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*Includes 2,817,811 shares of common stock, par value $.01 per share, of General Growth Properties, Inc. issuable upon conversion of certain units of limited partnership interest in GGP Limited Partnership.
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CUSIP NO. 370021107
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13D
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Page 4 of 7
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1
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NAMES OF REPORTING PERSONS
M.B. Capital Units L.L.C.
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
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(a)
þ
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(b)
o
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS (SEE INSTRUCTIONS)
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BK
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5
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
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o
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
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Delaware
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7
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SOLE VOTING POWER
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NUMBER OF
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0
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SHARES
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8
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SHARED VOTING POWER*
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BENEFICIALLY
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OWNED BY
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45,167,821
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EACH
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9
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SOLE DISPOSITIVE POWER
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REPORTING
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PERSON
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0
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WITH
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10
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SHARED DISPOSITIVE POWER*
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45,167,821
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON*
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45,167,821
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12
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
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o
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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14.4%
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14
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
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OO
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*Includes 2,817,811 shares of common stock, par value $.01 per share, of General Growth Properties, Inc. issuable upon conversion of certain units of limited partnership interest in GGP Limited Partnership.
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CUSIP NO. 370021107
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13D
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Page 5 of 7
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Except as
specifically amended hereby, all other provisions of the Reporting
Persons 13D filed with the Securities and Exchange Commission
(the SEC) on
August 21, 2007, as amended by Amendment No. 1 filed with the SEC on April 1, 2008 and Amendment No. 2 filed with the SEC on October 17, 2008 (as so
amended, the Schedule 13D) remain in full force and effect. Capitalized terms used herein and
not otherwise defined shall have the same meanings ascribed to them in such Schedule 13D.
Item 4. Purpose of Transaction.
Item 4 is hereby amended by deleting the last sentence in the first paragraph thereof and
inserting the following after the second paragraph:
On December 23, 2008, Units L.L.C. issued a notice to the Issuer, as general partner of GGP Limited
Partnership, a Delaware limited partnership, exercising Unit L.L.C.s right to convert 42,350,000
units of limited partnership interest (the Units) of GGP Limited Partnership into shares of
Common Stock. Each such Unit is convertible with no additional consideration on a one-for-one
basis into a share of Common Stock. The conversion was completed on January 2, 2009. The terms of
the conversion are governed by a Rights Agreement, as amended, which is more fully described in
Item 6 hereof.
The conversion was effected to give the Reporting Persons direct ownership of the shares of Common
Stock received upon conversion of the Units. The conversion does not change the amount or
percentage of Common Stock beneficially owned by the Reporting Persons as required to be reported
under Section 13(d) since the Units were convertible at any time. The conversion of the Units,
however, results in an increase in the percentage of shares of Common Stock that the Reporting
Persons will be able to vote from approximately 10% to approximately 22.2% because the Units held
prior to the conversion did not have the same voting rights as Common Stock.
The Reporting Persons continue to review their investments in the Common Stock and, from time to
time, depending upon certain factors, including without limitation, the financial performance of
the Issuer, the availability and price of shares of the Common Stock, tax considerations and other
general and market conditions, may determine to acquire additional shares of Common Stock, or
dispose of Common Stock, in open market transactions or otherwise.
Item 5. Interest in Securities of the Issuer.
Item 5 is hereby amended and restated in its entirety as follows:
(a) and
(b): To the best knowledge of the Reporting Persons, there were
approximately 311,300,000 shares of
Common Stock outstanding as of January 2, 2009, as reported in
the Issuers Current Report on
Form 8-K dated and filed with the SEC on January 2, 2009. The Reporting Persons
continue to beneficially own 2,817,811 Units which are convertible on a one-for-one basis into
shares of Common Stock (the Remaining Convertible Units). Based on the foregoing, and
assuming the conversion of the Remaining Convertible Units into 2,817,811 shares of Common
Stock, the 71,935,281 shares reported herein as beneficially owned by the Reporting Persons
constitute 22.9% of the outstanding shares of Common Stock and consist of the following:
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(i)
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71,935,281 shares beneficially owned by GTC, including 2,817,811 shares issuable
upon conversion of the Remaining Convertible Units, or 22.9% of the outstanding shares
of Common Stock;
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(ii)
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69,015,823 shares beneficially owned by M.B. Capital, including 2,817,811 shares
issuable upon conversion of the Remaining Convertible Units, or 22% of the outstanding
shares of Common Stock; and
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(iii)
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45,167,821 shares beneficially owned by Units L.L.C., including 2,817,811 shares
issuable upon conversion
of the Remaining Convertible Units, or 14.4% of the outstanding shares of Common Stock.
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CUSIP NO. 370021107
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13D
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Page 6 of 7
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GTC has the sole power to vote or direct the vote of 2,919,458 shares of Common Stock. GTC,
M.B. Capital and Units L.L.C. share the power, upon conversion of the Remaining Convertible
Units, to vote or direct the vote of 45,167,821 shares of Common Stock. GTC and M.B. Capital
share the power, upon conversion of the Remaining Convertible Units, to vote or direct the
vote of 69,015,823 shares of Common Stock.
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GTC has the sole power to dispose or direct the disposition of 2,919,458 shares of Common
Stock. GTC, M.B. Capital and Units L.L.C. share the power, upon the conversion of the
Remaining Convertible Units, to dispose or direct the disposition of 45,167,821 shares of
Common Stock. GTC and M.B. Capital share the power, upon conversion of the Remaining
Convertible Units, to dispose or direct the disposition of 69,015,823 shares of Common Stock.
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Except as set forth below, 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 owned by the Reporting
Persons. Marshall Eisenberg owns 50,000 shares of Common Stock with respect to which Mr.
Eisenberg has sole power to vote and to dispose of such shares. E. Michael Greaves owns
6,723 shares of Common Stock with respect to which Mr. Greaves has sole power to vote and to
dispose of such shares. Patricia Gessmann owns 673 shares with respect to which Ms. Gessmann
has sole power to vote and to dispose of such shares. Earl Melamed owns 5,358 shares with
respect to which Mr. Melamed has sole power to vote and to dispose of such shares.
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(c)
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Except as described in Item 4 above, during the last 60 days, no transactions in the Common
Stock were effected by the Reporting Persons, nor to the knowledge of any of the Reporting
Persons, any of the persons listed in Item 2 hereof.
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(d)
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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.
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(e)
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Not Applicable.
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Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the
Issuer.
Item 6 is amended by adding to the end thereof:
See Item 4 above for a description of the conversion of 42,350,000 of the Units on January 2,
2009 pursuant to the terms of the Rights Agreement.
Item 7. Material to be Filed as Exhibits.
Not Applicable.
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CUSIP NO. 370021107
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13D
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Page 7 of 7
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement
is true, complete and correct.
Date: January 6, 2009
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GENERAL TRUST COMPANY
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By:
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/s/ E. Michael Greaves
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Name:
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E. Michael Greaves
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Title:
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Vice President
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M.B. CAPITAL PARTNERS III
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By:
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/s/ E. Michael Greaves
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Name:
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E. Michael Greaves
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Title:
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Vice President
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M.B. CAPITAL UNITS LLC
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By:
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M.B. Capital Partners III,
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its sole member
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By:
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/s/ E. Michael Greaves
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Name:
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E. Michael Greaves
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Title:
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Vice President
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