Activist investor Ackman likely to gain seat on General Growth board

Activist investor William Ackman is expected to join the board of General Growth Properties Inc., the shopping mall operator that filed for Chapter 11 bankruptcy Thursday, according to a filing with the Securities and Exchange Commission.

Ackman's New York hedge fund Pershing Square Capital Management LP committed $375 million in debtor-in-possession financing to fund the mall owner's operations during bankruptcy. Once the bankruptcy judge approves the credit agreement, "it is anticipated that William A. Ackman will join the board," the filing said.