The suit was brought on behalf of certificate holders who control the loan through a trust. The loan is secured by an interest in the mall.
Roger Magnuson, attorney for Triple Five, said that while his client does not agree that GMAC needs to consent on the ownership change before it takes place, Triple Five has and will provide all the necessary information for GMAC's financial review.
The investors claim to have the right to review any deal that would transfer ownership or control. According to the suit, the review would protect them by assuring them that the new owner would assume the mortgage or that rating agencies would not downgrade their certificates due to the transfer.
Until 1999, Teachers Insurance and Annuity held a 55% stake in the Mall of America with the remaining 45% split between Indianapolis-based Simon Property Group, which manages the complex, and the Ghermezian family, founders of the project. When the teachers' pension fund sold half of its interest to Simon, Triple Five sued Simon, several executives and affiliated businesses for breach of fiduciary duty.
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