This week, news sources say that General Growth will keep its name for only a portion of its new business once it finally emerges from Chapter 11 bankruptcy.

On Friday, General Growth Properties named the board of its future company and also appointed hedge fund manager William Ackman to become its chairman when the property developer and mall owner is finished with its bankruptcy proceedings.

News sources report that the company will be called Howard Hughes Corp, named after an eccentric U.S. entrepreneur who died in 1976.

In April 2009, General Growth filed for Chapter 11 bankruptcy and now it has plans to emerge from its filing as two companies.  The mall company will keep the name and house approximately 185 mall properties when it exits bankruptcy in November.

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