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SEC FORM 3 SEC Form 3
FORM 3 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940 		 
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OMB Number: 3235-0104
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1. Name and Address of Reporting Person*
M.B. Capital Units L.L.C.
(Last) (First) (Middle)
300 N. DAKOTA AVENUE
(Street)
SIOUX FALLS SD 57104
(City) (State) (Zip)
2. Date of Event Requiring Statement (Month/Day/Year)
11/09/2010 		3. Issuer Name and Ticker or Trading Symbol
Howard Hughes Corp [ HHC ]
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
5. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5)
No securities are beneficially owned(1)(2) 0 D
No securities are beneficially owned(2) 0 I See Footnote(2)
Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4) 2. Date Exercisable and Expiration Date (Month/Day/Year) 3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 6. Nature of Indirect Beneficial Ownership (Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
1. Name and Address of Reporting Person*
M.B. Capital Units L.L.C.
(Last) (First) (Middle)
300 N. DAKOTA AVENUE
(Street)
SIOUX FALLS SD 57104
(City) (State) (Zip)
1. Name and Address of Reporting Person*
MB Capital Partners III
(Last) (First) (Middle)
300 N. DAKOTA AVENUE
(Street)
SIOUX FALLS SD 57104
(City) (State) (Zip)
Explanation of Responses:
1. In connection with a spin-off by General Growth Properties, Inc. (the "Spin-off") which occured on November 9, 2010, M.B. Capital Units L.L.C. ("Capital Units"), a limited liability company, beneficially owns, for puposes of Section 13(d) of the Securities Exchange Act of 1934 (the "Act"), 4,503,393 shares of the Common Stock, $0.01 par value ("Common Stock") of the Issuer. Capital Units has no pecuniary interest in the Common Stock.
2. In connection with the Spin-off, M.B. Capital Partners III ("M.B. Capital"), a general partnership, beneficially owns, for puposes of Section 13(d) of the Act, (i) 1,127,367 shares of Common Stock and (ii) as the sole member of Capital Units, indirectly beneficially owns the Common Stock held by Capital Units. M.B. Capital has no pecuniary interest in the Common Stock.
/s/ E. Michael Greaves, VP of General Trust Company, Trustee Partner of M.B. Capital Partners III, Sole Member 11/09/2010
/s/ E. Michael Greaves, VP of General Trust Company, Trustee Partner 11/09/2010
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.