Ackman Says General Growth Worth Up to $43, Four Times Current Stock Price General Growth Properties Inc., the shopping mall owner under bankruptcy protection, is undervalued and the shares may be worth as much as four and a half times yesterday’s price, William Ackman’s Pershing Square Capital Management LP said. General Growth rose 20 percent.

Rajaratnam Lawyer Opposes Government Bid for Summer Insider-Trading Trial A lawyer for Raj Rajaratnam, the billionaire Galleon Group LLC founder accused of insider trading, urged a judge not to “rush” the case by scheduling a summer trial that would “compromise” his defense.

State Street to Buy Intesa Unit for $1.82 Billion to Gain Non-U.S. Revenue State Street Corp., the third- largest custody bank, agreed to buy the securities-servicing unit of Italy’s Intesa Sanpaolo SpA for 1.28 billion euros ($1.82 billion) to increase revenue from outside the U.S.

KKR-Backed Group Said to Bid for Bankrupt Erickson Retirement Communities KKR & Co., the New York-based private-equity firm, plans to bid for Erickson Retirement Communities LLC in a bankruptcy auction today, according to a person familiar with the matter.

Asia’s Start-up Hedge Funds Beat Peers, Boosting Growth Prospects For 2010 Asian start-up hedge funds have returned an average 22 percent this year, beating global peers and boosting their chances of attracting investors in 2010.

Decade’s Biggest Gain for Stoxx 600 May Last on Profits, Strategists Say European equity strategists say earnings growth can push stocks 11 percent higher in 2010 following the steepest annual rally in a decade.

Mets Affiliate Challenges Madoff Trustee’s Method for Determining Claims An affiliate of New York Mets baseball team owner Sterling Equities Inc., which profited from Bernard Madoff’s fraud, asked a judge to reject the way victims’ claims are being set in the liquidation of the con man’s firm.

Ex-Millennium’s Ee Plans to Start Macro Hedge Fund in Singapore Next Year Albert Ee, a former managing director of Millennium Management LLC’s Asian business, said he plans to set up a hedge fund in Singapore that will seek to profit from bets on broad economic trends.

Dubai World Said to Intend to Present `Standstill’ Deal in Early January Dubai World will present a standstill offer to banks in early January as the state-owned company aims to restructure $22 billion of debt, said three bankers who attended a presentation on the matter yesterday.

TCW’s Baldiswieler to Run Mutual-Fund Unit After Redell Joins Gundlach TCW Group Inc. named Charles W. Baldiswieler to run its mutual-fund unit, replacing Ronald Redell, who resigned Dec. 18 to join the asset-management firm founded by ousted TCW investment chief Jeffrey Gundlach.